Reflective Journal (Week 10)

REFLECTIVE JOURNAL (WEEK 10) | |
|WHAT HAPPENED? |HOW DO I FEEL ABOUT IT? | WHAT DID I LEARN? |
|This week’s topic that we were asked to|I believe pricing describes the quality of|Strategies which are associated in setting |
|read on is Pricing Strategies. The text|the product. Therefore, it should portrait|price. Factors that needs to be considered |
|and the lecture notes described the |an image of a product in customers mind |before setting the price. Such as competitors|
|strategies that a company needs to |even before physically looking at the |analysis and quality. The different pricing |
|focus on, based on which price of the |product. Which means a low quality product|techniques and measures used by different |
|product should be set to be successful.|with a high level of price would not only |types of businesses. Pricing techniques used |
|Then we looked at the important factors|disappoint the customers but also would |to set price for new products in the market. |
|when setting the price. One of the |lead to creating a bad reputation in the | |
|important factors that a business needs|market, which in return will result in low| |
|to consider when setting the price is |sales volume. Therefore when setting price| |
|to look at competitors price and then |of a product, I believe a business needs | |
|compare the price. Then it went on |to consider the cost related to the | |
|describing pricing technique, |product and then set the price with a | |
|Customized or dynamic, and then pricing|percentage of mark up. If the percentage |