marketplace and are looking to expand. The marketing strategies outlined by the CEO are to obtain: ● Increased sales from $15million per year to $20million per year in the next three years. ● Increase our loyalty customers list from 10,000 to 15,000. ● Establish brand recognition in Brisbane so that at least 1 in 3 people recognise our brand in a random survey taken in 18 months’ time. To accomplish the above listed objectives, they strategies the students have chosen are: 1) Establishing a Joint
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occupation, socioeconomic status, family structure and race. According to Bassington and Pettitt (2013). The demographic segmentation tells a lot about the customer and the customers’ household which helps the Organization in setting clear marketing strategies (advertising, sales) for its target markets. Corporations like Porsche and Mercedes have used the demographic segmentation in identifying its target market and setting its media approach in selling its products. Mercedes, BMW and Audi severally
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Dated: 25/2/2013 * Case Brief: Company Cost to mfg and Market New Bulldozer (a) =$30,000 Perceived worth of customers (5 years) =$100,000 Therefore,(b) Added value = b-a = $70,000. * Pricing options: This Added Value of $70,000 can be shared by the customer and Manufacturing one of the Three ways: * They can share equally between the Caterpillar and the Buyers ($35,000 for both). Then Price = $30000 + $ 35000 = $65,000.
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Q2 PRICING POLICY Pricing policy refers to how a company sets the prices of its products and services based on costs, value, demand, and competition. Managers should start setting prices during the development stage as part of strategic pricing to avoid launching products or services that cannot sustain profitable prices in the market. This approach to pricing enables companies to either fit costs to prices or scrap products or services that cannot be generated cost-effectively. Through systematic
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Programme: | BTEC L3 Extended Diploma in Business | Unit (No. and Name): | Unit 3 Intro to Marketing Part 2 | Start Date: | 18th December 2014 | Deadline Date: | 16th January 2015 | Marking Tutor: | Danielle Vipond | Internal Verifier (Brief): | Tam Baldwin | Brief Verified (Date): | | Internal Verifier (Assessment) | Tam Baldwin | Targeted Criteria: | P1 | P2 | P3 | P4 | P5 | P6 | P7 | P8 | Achieved: | | | | | | | | | | M1 | M2 | M3 | M4 | M5 | M6 | M7 | M8 |
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Differences in approach between our group and other teams 1. Development of contingency plans - Symptoms to look out for - Alternative strategies 2. Analysis of market using macro and micro environment - Unlike our group, who analyze market trends, and competitive reviews - Different way of market analysis What else could be included in our marketing plan? 1. Personal selling to Business food partners - Was not explicitly mentioned in our marketing plan - More interactive, build customer
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MonoSpace fits relative to product lines. Based upon the above mentioned two options of MonoSpace launch plan, KONE can have the following two strategies to position MonoSpace in the elevator market, so that it should not cannibalize its own products and should be differentiated among its competitors. • Approach 1: Rather than adopting price-skimming strategy in extremely sensitive German market, KONE should price the MonoSpace similar to products offered by SCHINDLER and OTIS, but emphasize MonoSpace
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penetration price 5. Unlike the other 3Ps, price produces ________. a. revenue b. variable costs c. expenses d. fixed costs e. stability 6. Which of the following is an external factor that affects pricing decisions? a. the salaries of production management b. competition c. the salaries of finance management d. funds expensed to clean production equipment e. A, B, and C 7. Buyers are less price sensitive
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2 Main Pricing strategies Pricing Objective Answer Pricing objectives ∙ Pricing to achieve a target return on investment ∙ Stabilization of price and margin ∙ Pricing to achieve a target market share ∙ Pricing to meet or prevent competition Cost consideration ( must common approach ) ∙ Markup pricing ( common in retailing ) ∙ Cost- plus pricing ( usually for projects ) ∙ Rate - of – return pricing ( common for manufacturers ) Main Pricing strategies ∙ Premium Pricing : Command
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Communication to understand that pricing is one of the most important elements. The company’s pricing mix consists of costs to develop and design the phones, to distribute the phones, and to promote the phones. Synergy Communication understands that the price must sustain these elements of the mix. Synergy Communication pricing strategy is based on the purpose that the organization will set itself to achieve. The company will develop a price strategy that will reflect skimming the price. This method
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