Concept explainers
Case summary:
The person who prepares food should never consider the price of the ingredients or the money spend on making the food. Instead, he should depend on the creativity and the care they blend into the creation. Similarly, the food network marketers also face the many questions while considering the pricing objectives. Food network also sells kitchen utensils. Fixing the pricing strategy for these goods includes integrating the target audience for television shows.
Food networks want to price their goods at the affordable cost because if they price it too high then many could not afford to buy. The main aim of the marketers is to sell the quality products to their customers and satisfy the customers for the amount paid for the product. The marketers noticed that during the economy fall day time viewers would mostly prefer to watch less expensive recipes and menus. When money is tight people, tend to spend more time at home so they would watch shows for more time than before. These shows help people to live a better food life.
Characters in the case:
- F network
To discuss: The price and quality relationship of F network programming and cookware products of K retailer.
Want to see the full answer?
Check out a sample textbook solution
Chapter P7 Solutions
Bundle: Contemporary Marketing, Loose-Leaf Version, 17th + LMS Integrated MindTapV2.0 Contemporary Marketing, 1 term (6 months) Printed Access Card
- How can retailers create effective pricing strategies that balance profitability with customer value?arrow_forwardin terms of marketing how would you identify and discuss the important internal and external factors affecting a business’s pricing decision. Use examples to illustrate your answerarrow_forwardImagine you are the product manager for Neutrogena’s sun protection product line and your team developed a new type of sunscreen. Which two B2B pricing tactics would you use to promote it? Why?arrow_forward
- Please don't use handwriting please Coupons and rebates benefit different distribution channel members. Which would you prefer if you were a manufacturer, a retailer, and a consumer and why? Explain based on the concepts related to strategic pricing methods and tactics in marketing.arrow_forwardTHE MARKETING OPPORTUNITY Suppose your roommate just invented an electronic pencil that senses when a word being written is misspelled, beeps, and shows the correct spelling on a small screen on the side of the pencil. Your roommate comes to you for advice and money. She figures the pencil can be manufactured for about $5, since the cost of computer chips has dropped so low. She will make you a 40% owner if you help manufacture and sell the pencils. She asks you to put up $500 for materials for the first 100 units. She asks that you help make and sell the pencils after classes. Since your roommate is studying electronic engineering, she knows about as much about marketing as you know about electronics. You agree to study the possibilities. You make a list of questions that need to be answered before you commit your $500. Write a response that includes your answers to the following questions. What need does this product fill? What are the target markets for such a product? What type…arrow_forwardYour management has requested you to suggest different types of food retailers for new retail investment. Based on any THREE (3) different types of food retailers of your choice, evaluate their characteristics in reference to (1) the size of stores, (2) the variety and assortment of the merchandise, and (3) the pricing method.arrow_forward
- Look through your local newspaper or any direct mail marketing pieces you can locate. Choose a product or firm and note the prices for different types of products. What do you think the firm’s pricing objectives and strategy are? What types of pricing methods are they utilizing?arrow_forwardThis is your first time advertising your own ice cream flavors. How will you begin pricing your first ever ice cream flavors against other competitors? Describe what type of retailing strategy is the best choice for your product and primary target market? Consider your current placement on the product life cycle when determining your retailing strategy.arrow_forwardIn your textbook on page 387, the authors engage in a brief discussion on why consumers may choose to pay $300 for a pair of Tiffany pearls which come in a fancy blue box versus another nameless pair which can be purchased from Pearl World for $43 and on Amazon for $19. 1. Share with your colleagues an experience you had when faced with the decision of choosing between a name brand and generic item. 2. In your general shopping experiences or given your general purchasing behavior, does name brand recognition matter to you? Why or why not.arrow_forward
- How can businesses find the perfect balance between profit maximization and customer satisfaction through pricing?arrow_forwardIdentify a unique selling proposition that you would propose for a given product or service.arrow_forwardThinking about the hotel industry, I'm wondering does the hotels use long run pricing or short run pricing in business?arrow_forward
