CHAPTER ONE 1.0 INTRODUCTION This chapter entails the background‚ the statement of the problem‚ objective of the study research questions‚ the significance of the study‚ the limitation of the study and the scope of the study. 1.1 Background of the Study (Levy and Weitz 2009) defines that “retailer” is a business that sells products and/or services to consumers for their personal or family use. Retailers are the final business in a supply chain that links manufacture to consumers. According
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satisfaction surveys in the stores to let customers fill in their feedback. Moreover‚ change the pricing strategies of 7-11 in order to gain more customers. Competitors of 7-11 like Giant‚ Tesco‚ Watson‚ Guardian and other convenient stores are selling the merchandise with low price strategies. Therefore‚ in order to survive and improve the performance of 7-11 stores‚ 7-11 should adopt the psychological pricing to make customer believe the product
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Phase 1: introduction to marketing mix Marketing mix is probably the most important factor in the marketing term. Its elements are the basic‚ yet "tactical" components of the marketing plan; aka the 4P’s. These four P’s are the: Pricing‚ place‚ product‚ and promotion. However‚ some people also include three more principles which may be claimed as critical parts in the marketing mix. These three principles are: people‚ physical evidences‚ and processes. Recall the figure
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Principles of Marketing‚ 14e (Kotler) Chapter 10 Pricing: Understanding and Capturing Customer Value 1) ________ is the amount of money charged for a product or service. A) Value B) A demand C) Price D) A wage E) Salary Answer: C Diff: 1 Page Ref: 290 Skill: Concept Objective: 10-1 2) Price is the only element in the marketing mix that produces ________. A) revenue B) variable costs C) expenses D) outfixed costs E) stability Answer: A Diff: 2 Page Ref: 290 Skill: Concept Objective:
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costs 2. Suggest the weekly production level and a breakdown of costs for one product from your chosen business. Then calculate the marginal and absorption costs per unit. 3. Describe at least 2 methods of setting the price‚ including cost-plus pricing. Then suggest which method is best suited to your chosen business’ product and why. You may wish to choose a business you already have knowledge of from trips or your part-time employer. For a product of your choice: 1. Clearly explain the
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Applied Marketing Strategy and Decision-making Tools 1. Identify and describe the segments of your market. Be sure to include the size of each segment. What variables make these segments distinct and possible for your firm to identify? The segment of my organizations market is very close to the end of micro-segmentation. We are a Not-for-Profit organization that focuses on two types of customers. That customer will always mostly be either a pharmaceutical manufacturer or a food manufacturer
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oligopolistic market structure which has a direct effect on pricing strategy. In this type of market environment‚ organizations increase profits by producing where MC=MR or marginal cost is equal to marginal revenue. McDonald’s and their competitive organizations set the prices for their industry. “Because of their “fewness‚” oligopolies have considerable control over their prices‚ but each must consider the possible reaction of rivals to its own pricing‚ output‚ and advertising decisions” (Brue et al‚ 2009)
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Ch. 11 – Pricing Strategies * New-Product Pricing Strategies * Product Mix Pricing Strategies * Price Adjustment Strategies * Price Changes * Public Policy and Marketing New- Product Pricing Strategies Market-skimming pricing: Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales. * Product quality and image must support the price * Buyers
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Coca-Cola: – 2 Litre bottles too big for Spanish fridges – Pronunciation in China – Kooke Koula • ‘A thirsty mouthful of candle wax’ • Pepsi-Cola: – “Come Alive with Pepsi” in German translated to: • “Come alive out of the Grave … “ • McDonald’s: – The white face of ‘Ronald McDonald’ • A white face is seen as a death mask in Japan For many a product is simply the tangible‚ phsysical entity that they may be buying or selling. You buy a new car and that’s the product - simple! Or maybe not
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Chapter 10 Pricing Products: Understanding and Capturing Customer Value 1) ________ is the amount of money charged for a product or service. A) Experience curve B) Demand curve C) Price D) Wage E) Salary Answer: C Diff: 1 Page Ref: 290 Skill: Concept Objective: 10-1 2) Price is the only element in the marketing mix that produces ________. A) revenue B) variable costs C) expenses D) outfixed costs E) stability Answer: A Diff: 1 Page Ref: 290 Skill: Concept Objective:
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