mkt402/phi210 week 5 RESPONSES only
Question Description
Respond to these posts DIRECTLY:
mkt402
Lawson
RE: Week 5 Discussion 1
Professor and Class:
A price window is defined by ceiling price, which is the highest allowed price, and floor price is the lowest price allowed for a product or service. Setting an initial price is determined from the strength of the market, costs, market shares, competitors to name a few. It is the starting price for products or services sold. Communicating prices to market can mean if changes in prices occur for many reasons, those changes need to be communicated to customers in a quick time frame and where they clearly understand those changes. If a company chooses to change the pricing of its products or services, the product or service needs to be redone. I think communicating prices is the most important. Customers want to be sure what they’re buying or service they are using has value. Offer customers different options on how they can adjust to new prices.
mkt402
Cothran
RE: Week 5 Discussion 2
Hello Professor and Class,
The challenges of adapting price strategy over a product’s life cycle vary for each stage. In the introduction stage, one challenge is determining the initial price customers will spend on their product. To address this challenge, the company must determine the pricing window (ceiling and floor) and research segmented customer values to ensure the initial price is fair and sales are made. Segmented customer values can be determined geographically, psychologically, demographically, and behaviorally. In the growth stage, one challenge is developing unique attributes for the product. To address this challenge, the company must establish a position in research, production, and buyer perception. Ways to accomplish this are asking customers for feedback, upgrading functionality, and penetrating the market with appealing visuals for the product (color, size). In the mature stage, a product has reached its highest point, and sales begin to decline. One challenge in this phase is achieving a cost advantage. A way to overcome this challenge is by fine-tuning prices to increase profits. Market advertising is not as effective as promotional pricing in this phase.
Pepsi-Cola is in the mature phase of the product life cycle. During the introduction phase, Pepsi pushed for product awareness. The companies principal aim was celebrity endorsement. Pepsi was not sold in bottles at the time but came from fountains. In the growth phase, Pepsi’s sales continued to rise as they now packed their product was now bottled and sold. Now in the maturity phase, Pepsi continues to aim marketing through celebrity endorsement. Pepsi targets the younger
population explicitly, so they are labeled as a brand for the young. The brand often offers promotional pricing to encourage customers who have not tried their products or ones who are brand loyal to their competitors to buy Pepsi.
phi210
Martin
RE: Week 5 Discussion
Hi Professor and Class,
This article is discussing 12 through 17 years who are using drugs and alcohol. The article is showing how over the years the number of children using drugs decreased tremendously. People who need help are not getting the help that they needed. Only half of the children are getting the help that they need. After reading the article , children need to have people to talk to , so that they wont go down this route.
https://www.cbsnews.com/news/drug-alcohol-and-tobacco-use-by-teens/
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