pricing products discussion

Pricing Products – Watch the video Linking Marketing and Pricing Strategy and answer the following questions:

Question One

  • After watching the pricing video, refer back to your Million Dollar Idea from Week 6. Choose the most beneficial pricing strategies and suggest two ways in which this selection could potentially affect consumer adoption of the new product.

Question Two

  • Provide a rationale for your answer and post the link in your discussion, using APA formatting, for everyone to read.

Question Three

  • Imagine that you are a manager at a brick-and-mortar store that has an online storefront as an additional source of revenue. The company has tasked you with creating ideas to improve logistics in order to increase profitability. Discuss at least two ideas and how these will increase profitability.

Respond to Peer(s)

  • Read and respond to at least one of your classmates’ posts.

My post from Week 6 discussion:

Every product in the market today was first an idea. An idea can grow and develop into a product that eventually turns out to be an economic giant in the society, nation and worldwide. An idea can either be about coming up with a totally new and unique product. It can as well be an innovative thought on how to improve an already existing product (Dolnicar, Grün & Leisch, 2018). Every big company that is in existence came up as an idea that later on, a person decided to implement it. The idea man can probably not be the one implement it. People sell ideas to implementers which later become fascinating and very useful globally. This paper seeks to explain an idea that can be implemented to solve people’s daily needs.

Question 1

I cannot possibly classify myself as an inventor but every day when I meet a challenge my mind automatically flows with ideas on how to solve the challenge. Everyone has ever encountered a challenge while looking for parking space especially in a busy town or outside malls. One can spend almost thirty minutes figuring out a space for parking or waiting for a car to drive out so that one can occupy that space (Ernst & Dolnicar, 2018). The experience is frustrating and can cost you a lot of time. As time passes personal cars are becoming basic needs and everyone seems to own one. We expect our parking slots to be almost full and before one finds space for parking it can be a bit challenging.

Having a parking tracker can really help to identify where there is a parking space. This will help saving time and the hardship that one encounters before tracing a space to park within a busy environment (Dolnicar, Grün & Leisch, 2018). The more we are buying cars the more we need the parking trackers. What if the motor vehicle users can all acquire the parking trackers, we would all be able to save the time we use maneuvering in the malls and towns trying to trace where to park.

Question 2

Target marketing is considered as reducing the market into different segments then you put your focus on only one or limited but prominent segments that comprise of the clients that mostly need your services or product to meet their needs.

This can be done with the motive of increasing sales or attracting other businesses that will eventually give your business a chance to succeed (Ernst & Dolnicar, 2018). Market segmentation can be done in many and different ways but the types that are common are psychographic, demographic and geographic segmentation.

The audience that I would target is motor vehicle manufacturers. I would prefer the motor vehicle industries to consider installing the parking trackers in the car system while manufacturing the vehicles.

Question 3

The product may face some barriers to entry in the market which include advancement in technology. As time passes so is the technology improving day in day out. The parking tracker needs to be improved more often so that it can serve appropriately (Das, Verbraeck & Bonebakker, 2018). The tracker will be informed of the software. I need to ensure that cybersecurity is tight to avoid hacking and defaulting of the system.

Another barrier will be the cost of the vehicles will automatically go high because the installation of this software will be very costly and needs a lot of professionalism. In as much as the tracker will be software, it will be too heavy to be attained on technological gadgets such as phones. It has to be installed in the car systems because it is heavy-duty software.

Another challenge will be the performance of the product. The tracker will be not useful if the cars that are manufactured are not able to accommodate the software in the system. The cars that have already been manufactured and are already in the market they are disadvantaged because they can have access to the tracker (Das, Verbraeck & Bonebakker, 2018). This barrier needs me to find a way on how I can come up with a portable device that I have installed the tracker so that people can be able to buy it separately and use it as a gadget to track parking.

Conclusion

In conclusion, therefore, a new idea can be implemented and become a great solution to a challenge that has been facing a lot of people globally (Ernst & Dolnicar, 2018). As stated in the above discussion implementing an idea has some barriers that can hinder the effectiveness of the innovation if not handled well. The most successful innovations are those that serve the daily needs of individuals effectively and are reliable.

References

Das, P., Verburg, R., Verbraeck, A., & Bonebakker, L. (2018). Barriers to innovation within

large financial services firms. European Journal of Innovation Management.

Dolnicar, S., Grün, B., & Leisch, F. (2018). Market segmentation analysis. In Market

Segmentation Analysis (pp. 11-22). Springer, Singapore.

Ernst, D., & Dolnicar, S. (2018). How to avoid random market segmentation solutions. Journal

of Travel Research, 57(1), 69-82.

One of the answers given by my classmate:

Dr Amans/Classmates,

  1. After watching the pricing video, refer back to your Million Dollar Idea from Week 6. Choose the most beneficial pricing strategies and suggest two ways in which this selection could potentially affect consumer adoption of the new product.

My million dollar idea was a microchipped golf ball. Premium golf balls can run as much as $3 a ball in some cases. And anyone who has played can tell you that losing a ball that didn’t go out of bounds or in the water is frustrating. Top Golf uses microchips to tracks points at their ranges. Why can’t a small chip be inserted, tagged with my name and an app to track to the level of a GPS signal (within 3 feet) so that you never lose a ball again.

Deciding how much to price these golf balls is more than cost plus pricing strategy. I believe there is a true value based pricing strategy that needs to be implemented along with competitive pricing with other top tier golf balls on the market. As stated, premium golf balls can go for as high as $3 per ball. This same level of performance with the added benefit of not losing the ball while playing then ties in the value based strategy that these balls are actually worth that amount. There is already evidence that there is opportunity in the market and through test and evaluation that some mid-tier straight to consumer balls, like Vice, preform at the same level as Titleist for half the cost. I would adopt this kind of type ball and insert the GPS chip but charge the same as the new Pro-V1 (~$55 per dozen). We would need to be competitive in the premium ball market but can market the additional value to entice the buyer to try our product

  1. Provide a rationale for your answer and post the link in your discussion, using APA formatting, for everyone to read.

Our marketing and pricing strategy will be tightly linked. Product, price, promotion, and place will be closely looked at. Very few golfers remain loyal to a golf ball manufacture. Feel and performance remain high on the customers desires and those two characteristics are present throughout the market. This is why the average golfer will play almost any ball that suites their needs. Where we can differentiate ourselves is in highlighting the “no more losing balls” additional value.

By. (2019, January 23). Global Golf Ball Market Growth Over The Forecast Period 2019. Retrieved from https://www.marketwatch.com/press-release/global-golf-ball-market-growth-over-the-forecast-period-2019-2019-01-23

Golf Info Guide. (2020, February 11). Retrieved from https://golf-info-guide.com/golf-tips/equipment-choices/golf-ball-price/

  1. Imagine that you are a manager at a brick-and-mortar store that has an online storefront as an additional source of revenue. The company has tasked you with creating ideas to improve logistics in order to increase profitability. Discuss at least two ideas and how these will increase profitability.

I would create an app that has the online merchandise and integrate the marketing and pricing across both platforms. To many times do “in-store” or “online” sale prices vary. I understand both thought processes as to why but this can confuse the customer. Sale promotions, coupons or any additional incentives needs to be seamless across both. I would also highlight the ability to do in-store pickups or return drop offs instead of solely online. This will help drive foot traffic and the ease of not having to repackage and mail anything back.

-Adam

References:

Kotler, P., & Keller, K. L. (2016). A framework for marketing management. Boston: Pearson.

Here’s another answer from a classmate:

Dr. Amans, and Class,

Question OneAfter watching the pricing video, refer back to your Million Dollar Idea from Week 6. Choose the most beneficial pricing strategies and suggest two ways in which this selection could potentially affect consumer adoption of the new product.

My million-dollar product was a personal-snowplow used on a car or SUV. The best pricing strategy is value pricing, with a pricing objective of maximizing market share. The product must be the low-cost alternative to the high priced commercial products like ATV snowplows, and commercial-grade product, but must provide quality and functionality. The market segment is narrow and demand is geographical, so the product must be priced to be an attractive low-cost alternative to the products in the market place today. The two most critical factors are functionality and price.

Question TwoProvide a rationale for your answer and post the link in your discussion, using APA formatting, for everyone to read.

Accomplishing the fundamental function of removing the snow is easy; designing a low-cost mounting system that is easily attached to the car is the largest challenge. The customer will not be interested in the product if the mounting system is too complex. Designing the mounting system could drive the fixed cost of production above the orienting price of the competitors. The consumer must be attracted to the benefit the product provides, the cost, and the ease of use and storage. The quality of the product is critical, and a snowplow can take a beating depending on each consumer’s situation. The unit cost will greatly depend on the design, the material used and labor need to produce. If the plow falls off the vehicle or breaks, the consumers will not find value or convenience in the product.

Question ThreeImagine that you are a manager at a brick-and-mortar store that has an online storefront as an additional source of revenue. The company has tasked you with creating ideas to improve logistics to increase profitability. Discuss at least two ideas and how these will increase profitability.

I have some experience with this, I manage a team of equipment engineers, and we are responsible for ordering equipment, inventory management and distribution for millions of dollars of equipment to the region.

The first step in improving logistics is to dissect the current supply chain customizing the process from which the channel the purchase is being made. The business must understand the consumers purchasing behaviors, from a volume perspective and the consumer’s preferences and expectations perspective. We call the end-user (customer) expectations a service level agreement or SLA. The business needs to know what the consumer expects and is willing to do to get their product. Inventory control, asset management, and handling material can be expensive and complicated so a partnership with a 3rd party can help manage greater volumes of products, Kuhn and Nagel. One way to increase profitability is to speed delivery by partnering with the manufacturer to fulfill on-line purchases directly eliminating steps in the distribution process. Depending on the current situation, implementing a store owned distribution point geographically positioned to meet consumer demand can build efficiency improving delivery time and accuracy, the way Amazon uses distribution points. Order accuracy and customer satisfaction can decrease profitability by processing returns so efficiency in orders and handling returns is critical. The store can also include in-store pickup to reduce shipping and distribution costs. We have used time and motion studies to help reduce labor costs to great benefit.

 

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