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Posted: May 19th, 2023
MBA 565 MOD 6
Team Project Written Assignment
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COURSE MATERIAL
Textbook(s): Peter, J. Paul and Donnelly Jr., James H. (2019: 2024 - Online Assignment Homework Writing Help Service By Expert Research Writers). A preface to marketing management (15th ed.). McGraw-Hill Education, New York, NY. 9781260151619: And
Casebook from McGraw-Hill Education ISBN: Print book: 9781307669084 or eBook: 9781307669091
Ace my homework - Write my paper - Online assignment help tutors - Discussion Board 6
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Ace my homework - Write my paper - Online assignment help tutors - Discussion Topic
In this module, you reviewed many of the different factors that influence the pricing process. One aspect of the pricing process is the brand image and the brand equity related to the product (discussed in previous modules). Explain how these two items may influence the price you can establish for your product as it relates to your Team Project Product. Support your answer with additional outside materials (apart from the text).
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1. What do you think your brand image is in terms of quality and value to your consumer? Are you high-end, low-end or in-between? Explain as it relates to your major competitor.
2. Given the image you want to project and where you are in the Product Life Cycle (studied in previous modules), what type of pricing scheme do you think you should use (e.g., prestige pricing, penetration pricing, skimming pricing, bundle pricing, odd-even, value, etc.)? Why will this scheme work best for your target market?
3. What do you think your final price might be for this product? Provide a realistic range and discuss why.
4. Cite and list sources to support your comments using Ace homework tutors - APA format
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Brand image and brand equity can have a significant impact on the pricing strategy for a product. Here are responses to your questions based on general marketing principles:
Brand Image: To determine your brand image in terms of quality and value, you need to consider how your product is perceived by consumers compared to your major competitor. Assess factors such as product features, design, reputation, customer service, and overall consumer perception. If your product is considered higher in quality and provides more value compared to your major competitor, you may position yourself as a high-end brand. If you offer similar quality and value, you might be considered in-between. Understanding your brand image relative to your competitor is crucial in establishing your pricing strategy.
Pricing Scheme: The pricing scheme you choose should align with the image you want to project and the stage of the product life cycle. Based on the information provided, here are a few pricing strategies you could consider:
Prestige Pricing: If you want to position your product as high-end and exclusive, prestige pricing could be appropriate. This strategy involves setting a high price to create the perception of high quality and exclusivity.
Penetration Pricing: If you are in the introductory stage of the product life cycle and want to quickly gain market share, penetration pricing may be effective. This involves setting a low price to attract customers and capture market share.
Skimming Pricing: If your product is unique and offers significant value, skimming pricing might be suitable. This strategy involves setting a high initial price to capitalize on early adopters and then gradually lowering the price as the product moves through the life cycle.
The specific pricing scheme that works best for your target market depends on various factors, such as market conditions, competition, and consumer preferences. It's essential to conduct market research to determine the most effective strategy for your particular situation.
Final Price Range: Determining a precise final price without detailed knowledge of the product, market, and competition is difficult. However, considering your target market and the pricing strategy, you can estimate a realistic price range. Factors to consider include production costs, desired profit margin, perceived value, competitive prices, and customer willingness to pay. Conducting a thorough analysis of these factors will help you arrive at a reasonable price range for your product.
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