3. Imagine you have started a retail store that sells high end luxury watches throughoutthe UAE to wealthy consumers. Outline and justify a pricing strategy you might use.

If I have to sell high end luxury watches throughout the United Arab Emirates to wealthy customers…

Answered: 3. Imagine you have started a retail…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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short answer Moving on from Product to Price, review the following pricing strategies. A skimming strategy prices the product high to make big profits while there’s little competition. A penetration strategy uses low price to attract more customers and discourage competitors. Demand-oriented strategy starts with consumer demand rather than cost. Competition-oriented strategy is based on all competitors’ prices. Price leadership strategy attempts to force all competitors to follow the pricing strategy of one or more dominant companies within an industry. What pricing strategies do you see being emphasized in marketing activities today? Give a specific example of a product that is obviously priced according to one of the pricing strategies listed above.
Choose a consumer product with which you are familiar. For that product, discuss its pricing strategy. What other strategies could work for that product? Did the company use cost-plus, full-cost, or incremental cost in its strategy?
Answer this question for me mate. Appreciate it.
What type of factors do you think most affect Louis Vuitton’s pricing decisions?
Scotch Whiskey, Champagne Sparkling Wine, Parmesan Cheese, Dijon Mustard—what do all of these have in common? They are not brand names but rather geographical indicators (GIs) of the origins of these foodstuffs. Europe has a long history of gastronomical delicacies that the European Union has been eager to protect for economic reasons. For example, not just any sparkling wine can be labeled champagne because only sparkling wine produced in the Champagne region of France can put that on the label. The British government is launching a registry of Scottish whiskey makers to protect its $4 billion industry from imitators who label their whiskey as Scotch. True Scotch must be aged in oak casks in Scotland for at least three years. Dijon mustard must be produced in Dijon, France, with chardonnay wine from the Burgundy wine region. Parmesan cheese was developed more than 2,000 years ago in Parma, Italy, which also boasts Parma ham (Prosciutto di Parma). True Swiss cheeses, such as Emmental,…
Retail Price Comparison To demonstrate the wide variation in pricing of an identical item, visit three different stores online and compare prices on similar items. Please do not just get on Amazon and compare prices there for an item. Actually visit different independent store websites. It might be really interesting to visit a local store's website and a national store's website, comparing pricing for the same item. 1. Select a category of store. Some suggestions are: Grocery: large chain store, local chain store, convenience store Health and beauty aids: grocery store, drugstore, discount store Over-the-counter drugs: chain drugstore, local drugstore, discount store Clothing: specialty store, department store, discount store 2. Select several items to compare in your category. For example, in the grocery category, you may want to compare a type of cereal, a canned soup, and a snack item. If possible, you might check prices at a local store…
Address the following items on the (Indian Cricket Team) Product: Explain the sport product or service to be marketed. Price: Identify the cost of the sport product or service as compared to its competition. Place: Describe how the product or service will be distributed to consumers. Promotion: Recommend how you will make consumers aware of the product or service
You are a newly appointed marketing manager of a multinational firm. The firm has the following market base: consumer market, business market, and international market. Its business products serve as a raw material for other businesses and thereby have a wide scope of its business frontier. It has challenges in segmentation although they produce quality products for various markets. Based on the above challenges facing the firm, it has also resulted in serious pricing decision problems, which are seriously affecting the firm’s profitability level. Meetings has been held both nation and international level to rectify some of these anomalies in the firm. Now, the head of corporate affairs has become worried of these pending challenges and has called for presentation from the head of the marketing. 1. Explain how to segment the following markets and its requirements: i. Consumer market. ii.Business market. iii. International market.
a) Identify and describe this mobile phone’s (any mobile phone) pricing objective (pricing objective has 6 elements including Survival, Maximum current profit, Maximum market share, Maximum market skimming, Product-quality leadership, and other objectives). b) Identify two places (e.g., online stores, telecommunication companies, etc.) where this phone can be purchased. Compare their offers (price, package, trade-in option, payment plan, etc.) and explain in detail why this phone.(maximum 300 words)
Please solve this questions quickly

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3. Imagine you have started a retail store that sells high end luxury watches throughout the UAE to wealthy consumers. Outline and justify a pricing strategy you might use.