Business Essentials (11th Edition)
11th Edition
ISBN: 9780134129969
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
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Chapter 12, Problem 12.13A
Summary Introduction
To explain: The new product development and the anticipated lifespan of the market.
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List the general approaches to pricing. Select examples of products that you regularly use.
i. Notice the price of each of these items For each item,
ii. State the main benefits you are looking for in using the product.
iii. Does the price communicate the total benefits sought?
iv. Does the product’s price suggest good value?
v. Do you think the manufacturer or retailer is overcharging or undercharging consumers for the product?
choose a product that you have purchased recently. Research and investigate this product on the Internet and in the marketplace. Evaluate the marketing mix (product strategy, pricing strategy, distribution strategy, and promotion strategy) used by the manufacturer of this product. At a minimum, consider the following questions in your investigation:
Product Strategy :
In what category of consumer products (convenience, shopping, or specialty) does this product fall? Why?
At what stage is this product in the product life cycle (introductory, growth, maturity, decline)? Why?
What role, if any, did branding (brand name, symbol, slogan, etc.) play in your selection of this product? Why?
What role, if any, did packaging play in your selection of this product? Why?
Evaluate the quality of the product in terms of quality level and product consistency.
Promotion Strategy :
Identify the various media used to promote/advertise the product.
Did other promotional tools (sales promotion,…
Explain how to sell your product with a price strategy and with a value-added and give short explanation from each strategy and example
Chapter 12 Solutions
Business Essentials (11th Edition)
Ch. 12 - Prob. 12.1QRCh. 12 - Prob. 12.2QRCh. 12 - Prob. 12.3QRCh. 12 - How is the concept of the value package useful in...Ch. 12 - Prob. 12.5QACh. 12 - Prob. 12.6QACh. 12 - Prob. 12.7QACh. 12 - Prob. 12.8QACh. 12 - Prob. 12.9AECh. 12 - Prob. 12.10AE
Ch. 12 - Prob. 12.11ACh. 12 - Prob. 12.12ACh. 12 - Prob. 12.13ACh. 12 - Prob. 12.14ACh. 12 - Prob. 12.15ACh. 12 - Prob. 12.16TECh. 12 - Prob. 12.17TECh. 12 - Prob. 12.18TECh. 12 - Prob. 12.19TECh. 12 - Prob. 12.20EECh. 12 - Prob. 12.21EECh. 12 - Prob. 12.22EECh. 12 - Prob. 12.23EECh. 12 - Prob. 12.24CCh. 12 - Prob. 12.25CCh. 12 - Prob. 12.26CCh. 12 - Prob. 12.27CCh. 12 - Prob. 12.28CCh. 12 - Prob. 12.29CCh. 12 - Prob. 12.30CCh. 12 - Prob. 12.31CCh. 12 - Prob. 12.32C
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- How does value pricing strategy affect the company's performance and how they benefit from this?arrow_forwardSelect a basis for pricing your product (cost, demand, and/or competition). How will you know when it is time to revise your pricing strategy?arrow_forwardAddress 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 servicearrow_forward
- Should a firm pursue differentiation in an industry where customers are very price-sensitive? Use real-life example(s) to illustrate your answers.arrow_forwardDesign your product and provide it a name and a description and visual/picture of it (this can be your own drawing or an image from the internet with your brand/logo assigned to the image). Justify your choice by explaining in detail the reasons why you select your product (i.e. is there a demand for it? will it solve any social, environmental or financial issues? etc.). What is your vision for the selected productarrow_forwardSource: www.Jessicalynette.com PRODUCT PRICE What is your product? Why do people need your product? How do you price your product give at least two factors to consider? Draw your product and label it HERE! PLACE PROMOTION Where are you going to sell your product? In what way you are going to promote your product?arrow_forward
- How does price relate to value in the eyes of a customer?arrow_forwardJustifying Price IncreasesTopic: Marketing ResearchCharacters: Sam, Marketing research manager at a television stationJohn, General manager of a television station Last year Sam was promoted to manager of marketing research for the sole television station in a small metropolitan market. Sam had earned a bachelor’s degree in marketing research three years earlier and immediately accepted an entry-level marketing research position at the television station because its management had a reputation for honesty and helping small businesses gain access to the mass media. The television station was sold six months ago to an international conglomerate. At that time, the general manager was replaced by John. John has developed a reputation in the industry of raising revenues and cutting costs. John just finished reviewing the policies of the former general manager and noted that, although the cost of servicing the numerous small business accounts was high, the profit margin on these accounts was…arrow_forwardYou're in charge of pricing Phonic's product for its launch early next year. Review the SWOT analysis you previously prepared as well as Phonic's competitive environment, targeting strategy, and product positioning. Now continue working on your marketing plan by responding to the following questions. * What should Phonic's primary pricing objective be? Explain your reasoning. * Are smart phone customers likely to be price sensitive? What are the implications for your pricing decisions? * What price adaptations (such as discounts, allowances, and promotional pricing) should Phonic include in its marketing plan?arrow_forward
- 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?arrow_forwardIn this module, the product life cycle was defined as a concept that explains how products go through four distinct stages from birth to death including: introduction, growth, maturity, and decline. Each stage is actually based on the market's response to the product. This dynamic causes firms to adjust their marketing strategies so that they are in alignment with the current stage. For this discussion, review the Product Life Cycle Strategies on pg. 304 in your text and respond to each prompt. Identify one product for each stage in the product life cycle (i.e., four different products) and explain how each product fits in its particular stage, as noted. • For the product you identified in the introduction stage, tell us what strategies you would use to launch this new product. For the product you identified in the growth stage indicate what strategy would be necessary to maintain brand loyalty as competitors now are entering the market. For the product you identified in the maturity…arrow_forwardHow will changes in the market, competition, or cost structure impact the pricing strategy?arrow_forward
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