Pricing Simulation During twelve months‚ starting in October‚ we were responsible for setting the pricing strategy of Universal Rental Car Company‚ as the district manager for the Florida region of Orlando. It was a big role as Florida was the company’s worst performing region and had two major problems: “Stock outs”‚ which used to occur during demand peaks‚ and “unsold inventory”‚ which occurred in demand valleys. Furthermore‚ we had to deal with the competitor in an intense price war‚ as the customers
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Pricing objectives are goals that describe what a firm wants to achieve through pricing. Pricing objectives must be stated explicitly‚ and the statement should include the time frame for accomplishing them. There are six stages of setting prices. They are developing pricing objective‚ assessing the target market’s evaluation of price‚ evaluating competitors’ prices‚ choosing a basis for pricing‚ selecting a pricing strategy‚ and determining a specific price. Cost-based pricing is adding a
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Assignment: Ethical considerations in respect of advertising‚ sales promotion‚ pricing‚ product packaging and obsolescence. 2011 Introduction Ethics is concerned with what is right and what is wrong. Ethics relate to moral evaluations of decisions and actions as right or wrong on the basis of commonly accepted principles of behaviour (Dibb et. al.‚ 1997)‚ in other words‚ ethics are the moral principles and values that govern the actions
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| The London 2012 Olympic Games | The LOCOG’s Ticket Pricing Strategy | | | | Contents 1. Introduction 2 2. Setting the price 2 2.1. Selecting Pricing Objectives 2 2.2. Determining Demand 3 2.3. Estimating Cost 3 2.4. Analysis of competitor’s costs/prices/offers 3 2.5. Selecting a pricing method 4 2.6. Selecting a final price 5 3. Pricing and Distribution Strategy 5 4. Analysis 5 4.1. Limitations 5 4.2. SWOT 5 4.3 Marketing Mix 5 5. Summary/Conclusion 5
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INTRODUCTION Value-based pricing is a method of pricing products in which companies first try to determine how much the products are worth to their customers. The goal is to avoid setting prices that are either too high for customers or lower than they would be willing to pay if they knew what kind of benefits they could get by using a product. In most firms prices are determined by intuition‚ opinions‚ rules of thumb‚ out-right dogma‚ top management’s higher wisdom‚ or internal power fights1
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Market structures and pricing Revenues Consumers * Inverse demand curve gives willingness-to-pay * Benefit consumer(s) derive(s) from additional good; * Area under inverse demand curve measures total willingness-to-pay‚ total benefit or total surplus. * Maximum price I can charge as producer determined by inverse demand function * Marginal revenues; revenue of next unit I sell Strategies * Profit maximization * Marginal profits equal to 0 (MR=MC) *
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HISTORY The history of product innovation can be divided into three stages‚ beginning with the product-oriented or technology-pushed stage. In the post-World War II era Americans were coming off wartime shortages and were in the mood to buy the many goods that manufacturers produced. Engineers‚ who were more product-oriented than consumer oriented‚ designed new products that might or might not find places in consumers’ hearts and minds. This was a product-oriented process in which the market was
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When New Products and Customer Loyalty Collide by Regina Fazio Maruca and Amy L. Halliday Harvard Business Review Reprint 93608 C A S E S T U D Y Pacer Shoes expanded its line and entered a new market. Now the returns are coming in‚ and they’re not good. When New Products and Customer Loyalty Collide by Regina Fazio Maruca and Amy L. Halliday Henry Carson‚ president and CEO of Baltimore-based Pacer Athletic Shoes‚ stood at the edge of the track behind company headquarters and watched as the
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working with the Baby Boomers as they look at generation’s X and Y adaptation of new technology. Nearly nine times out of 10 a new client will be making the switch from a Windows or Mac based system to a Linux based system. This alone will save the client anywhere from one hundred to five hundred dollars per computer. It is also cheaper to build a computer than it is to buy This is because when a manufacturer puts out a new system they have to play the business game to get parts followed by time being
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remember what she had learned in business school about bonds and bond accounting. Ms. Cook‚ a new MBA and special assistant in a training assignment with the company president‚ had just met with David Lyons‚ president of Lyons Document Storage Corporation. He had asked her to think about the possible consequences of repurchasing company bonds outstanding using cash that he felt could be obtained by issuing new bonds with a lower interest rate. Mr. Lyons had asked Rene to focus on how much the company’s
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