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Pricing Objectives- ● To establish a place in the market by pricing the product at a reasonable price slightly above the competition in order to represent a unique product and skim the market at the same time. ● To maximize sales volume by establishing a competitive position in order to gain control in the market and to maximize market share. ● To bring in the high value of the product into the minds of the consumers by representing the high-value, high-quality product and create a…

the “store-to-save-the-planet” customers. These customers value the environment and are looking for a product that will limit plastic waste. This group has strong core values that guide their decision making process, making them loyal to brands that share their values. Customers within this segment usually have a college level education and a higher income level. Another distinct segment within the Food Storage market the “store-neatly” segment, a group whose need is to efficiently store…

name given to economic policies and parties supporting increases in such trade." [Free Trade, 2016] Some of the positive aspects of free trade are, it allows for lower prices for consumers, increased exports between countries, and offers a greater choice of goods. [Benefits of free trade, 2016] These are important as the fall in prices allow for an increase in consumer spending and potential boosts to the economy. The increase in exports translates to increase in jobs and economic growth. The…

industry, we are very familiar with our own offerings and the next best alternative in each of our business segment. • Buying power of raw steel – The organization has the ability to purchase a large quantity of raw steel and in turn get a very good price point on this material.…

Costing and pricing methods reviewed Cost-orientated pricing Many small businesses determine their basic price based on their costs. The idea is to set your price high enough to cover your costs and still make a profit (Van der Walt et al., 1995). Cost-plus pricing Many small businesses use this method. Here you determine the cost of the product and then add a set percentage to the cost for the profit margin. This method is popular and easy to use. Assume you are the manufacturer of steel…

Thirdly, armed with the relevant actionable insight in the light of key issues and facts (that exclude insurance coverage, channels (clinics) and regulations) price recommendations are made to meet Medi-Cult’s overarching objectives, along with some brief thoughts about the ethical implications…

Student or Young Worker Age Mainly16-24 (Neville, 2016) Psychographics Life style Milan is the second highest fashion market and one of the highest growing market for fashion consumers (Kent, 2011). Price sensitivity Very price sensitive (Kotler. P, 2016), so the retailers in Milan always offer low price points. Geographics Urban student accommodation or with parents in an urban area. Behavioral Brand Loyalty Low level of loyalty (Gurau, 2012). How does it differ from other markets Primark…

Why is the digital price almost half of the print price? - To provide customers with a choice, The New York Times(NYT) offered one week print subscription for $15.40, while offering unlimited digital access for $ 8.75. The low setup costs of digital version enabled NYT to price it low and the high (52%) production and distribution costs of print forced NYT to charge a premium amount. This difference in price arose from the fact that company could afford to decrease the print circulation, thereby…

Kotler and Armstrong (2014) stated that marketing mix is a “set of tactical marketing tools: Product, Price, Place, Promotion that the firm blends to produce the response it wants in the target market” (p. 76). The first element of 4Ps is Product. Yudelson (1999) defined product as all the benefits (present or anticipated) that the buyer acquired from the exchange. Product is the goods or services that are created by company and offered in the business sector to fulfill shoppers’ needs. There…

illustrate the market positions, they present the hypothetical market structure, as pictured below. According to the hypothetical market structure, a market leader occupies 40 percent of the total market, followed by market challengers with 30 percent of share, the next 20 percent belongs to the market followers, and the last 10 percent is owned by the market nichers (Kotler & Keller, 2012). Each market position needs different strategies to cater different challenges in the competitive market…