BUS 330 Wk 3 Journal

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University Of Arizona *

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330

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Marketing

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Feb 20, 2024

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Uploaded by ChiefNightingale3206

Brand, Product, or Service Name Pricing Strategy from Table 5.3 Pricing Strategy Definition and Use Your Rationale for the Pricing Strategy Selection Royal Treatment Links to an external site. Pet grooming and pet spa services for dogs and cats Cocreation Strategy Definition: Allowing customers to select from options to design customized offering (White, 2019). Use: Customers are able to decide which services they would like performed on their cats or dogs. For each of their clients, they provide a personalized package that combines their core services and additional services. Custom Shoes Links to an external site. Converse customizable shoes Cocreation Strategy Definition: Allowing customers to select from options to design customized offering (White, 2019). Use: Customers are able to design their shoes based off of their unique preferences. The extent of the customization determines the cost of the shoes. A restaurant’s designed three- course dinner package for couples on February 14 of each year (Valentine’s Day). Peak Load Strategy Definition: Charging higher prices during periods of rising demand (White, 2019). Use: Counter the perishability of a service offering; viable only when few competitors exist (White, 2019). During holidays, customers are willing to pay for pre-planned services and demand is at an all time high from consumers so the restaurant is able to increase their pricing.

PearlsAndLavender Links to an external site. Handmade ceramic and brass jewelry offered by a self-employed designer on Etsy Brand Leadership Strategy Definition: Setting prices high in comparison to competitors (White, 2019) Use:Attract higher income groups (White, 2019). The jewelry is sold at a higher prices due to the cost of their labor and materials. Southwest AirlinesLinks to an external site. The world’s largest low-cost carrier Penetration Strategy Definition: Keeping prices low in comparison to competitors' prices (White, 2019). Use: Deemphasize market segments (White, 2019) In comparison to the competitors, prices are consistenly lower to appeal to the consumer and increase business. Off-season hotel room prices on weekdays Yield Management Strategy Definition: Strategic control of inventory to maximize yield or profits from a fixed, perishable resource (White, 2019). Use: Counter the perishability of a service offering; reduce the strain on a fixed-capacity infrastructure (White, 2019). Revenues may rise if the same services are provided at a lower price during the off-peak season.

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