Psychological pricing

Price discrimination Price discrimination is a pricing strategy whereby firms charge customers different prices for the same product or service that the offer. It is often that the seller charges each customer the maximum price that he or she is willing to pay. Such discrimination will allow a company to generate higher profits compared to standard pricing as it allows the firm to capture every last dollar of revenue available from each of its individual customers. (Anon., 2015) The Budget…

external factors affect determination of pricing method adopted by any organisation. Internal factors that pricing are organisational factors, marketing mix, product differentiation, cost of the product and objectives of the firm. External factors that influence pricing decisions are demand, competition, suppliers, economic conditions, buyers and government. Internal Factors • Organisational Factors The organisation is usually divided into two levels where the pricing decisions take place. The…

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Question 1: Market Segmentation is the process of grouping a market of potential buyers into distinctive groups of buyers that have mutual needs and respond equally to a marketing action. This help the companies like B & G Shoprite to target different groups of consumers perceiving the benefits of their products, A Close Shave. At the end of marketing segmentation, the Company (B & G Shoprite) will be able to establish their target market. B & G Shoprite should concentrate market efforts…

1. Since the high-value IT products only had a short life cycle, HP needed to satisfy every customer and meet the various requirements and needs quickly and efficiently, but supply chain was not their major capabilities. As a result, HP developed a partnership with United Parcel Service (UPS) to co-create customer values by outsourcing the supply chain to UPS. UPS acted as a logistics supplier that not only had desired capabilities, but also provided a varied range of transportation alternatives…

1.0 Background of Cocolin Industries Sdn Bhd Cocolin Industries Sdn Bhd is a coconut-based manufacturer was legally established as a corporation in 1997 under the Companies Act 1965. Main objective for this company is to participate in the government and to make a serious and sincere effort to grow food industry as a specific example in Sarawak. Cocolin has the goal and commitment to produce safe and good quality food for consumers. The Cocolin’s factory is located at a rural area nearby to…

In this research, the authors propose a scale of second-hand shopping motivations. Guiot and Roux reveal 4 categories of shoppers, which are Regular shopper, thrifty critics, polymorphous enthusiasts and nostalgic hedonists. Furthermore, they evaluate the function of these shoppers’ motivations and its implication for designing and retailing strategies. Prior to their study, the authors explore the historical context of second-hand market. In short, they assert that second-hand consumption grew…

How does proper control of Supply Chain & Operations Management add to company profitability? What is Supply Chain and Operations Management? Supply Chain Management is the governing of supply chain movement to maximize the consumers profit and obtain a sustainable competitive advantage. Supply Chain serves as a mindful effort by the supply chain firms to create and manage the supply chains in the most effective and efficient ways. Supply Chain enterprise covers an array of areas from…

Question 3 When pricing for Lena, Maria Lopez has several elements she needs to consider such as the cost to produce the product, the amount of waste after packaging, the value to customers, and the competitor’s prices. After evaluating these elements, it would seem reasonable for Lopez to charge 38 dollars or perhaps even more for a hardwood powder-based coating. According to MarketingMO, one of the first steps in a pricing strategy is to match the price to the value proposition. In this case,…

“Part of the reason that Groupon has grown as quickly as it has is because we really understand consumer behaviour,” stated Julie Mossler, the public relations and consumer marketing manager at Groupon. Like other companies, it follows the same marketing rule of Consumer purchasing behavior and its influences.The ones that Groupon that are utilizing are Internal Influences a)Income The concept of Groupon is appealed to those who do not have the income to afford such expenses and those are…