Premium Essay

Mkt 571 Week 4 Tapping the Global Market

In: Business and Management

Submitted By hwproviders
Words 500
Pages 2
A++PAPER;http://www.homeworkproviders.com/shop/mkt-571-week-4-tapping-the-global-market/

MKT 571 WEEK 4 TAPPING THE GLOBAL MARKET

MKT 571 Week 4 Tapping The Global Market PPT!!

Determine Pricing Strategies

Consumers often actively process price information, interpreting it from the context of prior purchasing experience, formal communications ( advertising, sales calls, and brochures), informal communications ( friends, colleagues, or family members). How consumers perceive prices and what they consider the current actual price to be (Kotler & Keller, 2012).

Reference prices compare an observed price to an internal reference price they remember or an external frame of reference such as a posted regular retail price (Kotler & Keller, 2012).

PRICE- QUALITY INFERENCES Many consumers use price as an indicator of quality. Higher- priced cars are perceived to possess high quality (Kotler & Keller, 2012).

PRICE ENDINGS Many sellers believe prices should end in an odd number. Customers see an item priced at $ 299 as being in the $ 200 rather than the $ 300 range (Kotler & Keller, 2012).

Selecting the pricing objective

Survival - prices cover variable costs and some fixed costs, the company stays in business (Kotler & Keller, 2012).

Maximum Current Profit - Many companies try to set a price that will maximize current profits (Kotler & Keller, 2012).

Maximum Market Share – Higher sales volume will lead to lower unit costs and higher long- run profit. Set the lowest price, assuming the market is price sensitive (Kotler & Keller, 2012).

Maximum Market Skimming - setting high prices to maximize market skimming, prices start high and slowly drop over time (Kotler & Keller, 2012).

Product-Quality Leadership - product- quality leader in the market (Kotler & Keller, 2012).

Determining Demand

Price Sensitivity - reactions of many…...

Similar Documents

Premium Essay

Mkt/571 Week 1

...Classic Airlines Marketing Concepts [student] MKT/571 February 11, 2013 [instructor] Classic Airlines Marketing Concepts The marketing team for Classic Airlines is facing the task of renewing the appeal of an aging airline struggling to maintain financial viability in the face of legacy costs and a decreasing base of loyal customers. They are facing an ideological division between the CEO and CFO believing too much in numbers, and the CMO maintaining that customers determine value in ways other than price (University of Phoenix, 2008, pp. 3-4, 9). The challenge for the marketing team is getting the company to embrace that they must, as Jack Welch said, “change or die” (Kotler & Keller, 2006, p. 4). Focusing on things like a 15% cost reduction target and hedging fuel prices have led to a 20% reduction in loyalty program membership, a 10% decrease in share prices, and a looming situation with union obligations (University of Phoenix, 2008, pp. 1-2, 4, 8). Marketing Concepts To improve the outlook for Classic Airlines the marketing team knows that they will have to use some basic marketing concepts to put themselves back on the map. They plan on using their existing CRM system as a means to gather data on existing customers, conducting a thorough analysis of their current competition, and using their “fundamentally solid and robust system that's globally accessible” to form new strategic alliances (University of Phoenix, 2008, pp. 5-6, 9)...

Words: 740 - Pages: 3

Premium Essay

Mkt 571 Week 2

...Nahrwold Team A University of Phoenix MKT 571 Professor Kraus November 25, 2013 New Product Launch Marketing Plan, Part I Market Needs The market need for a new redesigned sneaker is very high in China and India, and in select markets of the United States. Consumers are interested in new ergonomically designed sneakers that support workouts instead of the average multi- purpose workout sneaker. Launching a new sneaker will make it convenient for consumers to derive the benefits of ergonomically supportive workouts that allow a more comfortable fit and lead to superior body support. Careful consideration of demographic factors reveals that young people will be the highest level of consumers of the new product. The rising level of health consciousness is forcing many manufacturers, including the standard sneaker manufacturers to offer more enhanced and functional products to consumers. Purchasing sneakers for use in gyms is increasing in India and China because of consumer awareness relating to the benefits of working out. Additionally, the product choices that consumers make in the United States are highly influenced by weight management programs and gym workouts. In the United States, the new sneaker subsector in select city environments would outperform the standard gym sneaker. Many consumers are seeking better value and a more ergonomic product because of the redesign of the standard sneaker (Jean-Francois, 2010). Market Growth The potential growth......

Words: 1630 - Pages: 7

Premium Essay

Mkt 571 Market Segmentation

...Segmentation and Target Market Paper MKT 571 November 20, 2011 Introduction A market segment consists of a group of customers who share a similar set of needs and wants. The major segmentation variables by different sets of characteristics such as geographic, demographic, psychographic, and behavioral. (Kotler and Keller, 2012) Using this market-based strategy assist marketers to study the behavior of shoppers by categorizing markets. It also provide marketers a better vision to satisfy the needs and wants of customers and to gain more of their business. In this paper, I plan to discuss the market segments and target market of the small box discount retailer Dollar General, a retailer of name brand and private label products. Company Background J.L Turner and Sons Wholesale opened up their first store in 1939. Located in Scottsville, Kentucky, J. L. Turner and his son Cal Turner Sr. invested $5,000 each to begin a new partnership in dry goods as wholesalers selling to retailers. In 1945, the partners used a taunting strategy to gain business of farmers that landed success in the retail business. The luring strategy he used offered farmers from the tobacco field a free left-hand glove when they cashed their check, and offered the other glove if the farmers came to their stores. This unique strategy attracts the business of the farmers for additional items needed directly on pay day. ......

Words: 1097 - Pages: 5

Free Essay

Mkt/571 Week 2

...Applying the Learning Curve theory Beliard, Jean University of Phoenix OPS 571 – Operations Management September 20, 2010 Dr. Alavaro Carreras, Jr. Mario’s Pizza Simulation The learning curve is a very useful tool organization can use to ensure a more efficient and profitable business. This tool allows organizations to manage their entire staff from top to bottom. The simulation help organizations make more educated decisions and ensure that they are doing the best for the company. Furthermore, the simulation help many organizations have a better understanding of how their processes need to be accomplish. According to Nicholas J. Aquilano, Richard B the decisions need to be made and processes changed to enable Mario to reduce its wait time allowing more customers to be served within a reasonable amount of time while keeping balance between the demand for service and the capacity of the system to provide the service. The process must be defined and appropriate metrics identified in which to measure the process efficiently. Mario’s Pizza Scenario In Mario’s Pizza Simulation, Mario is a man who opened the pizza parlor in Palm-Springs, California in 1950 with his wife. This pizza parlor is in indoor mall where there are a group of potential customers. Mario is becoming concerned with the increased amount of time that his customers have to wait. The customers are dissatisfied with the services and there are numerous cases of customers leaving without......

Words: 917 - Pages: 4

Premium Essay

Mkt 571 Week 1 – 5 Quiz Latest

...MKT 571 WEEK 1 – 5 QUIZ LATEST To buy this click here http://www.coursehomework.com/product/mkt-571-week-1-5-quiz-latest/ Contact us:+1 315-750-4434 help@coursehomework.com MKT 571 WEEK 1 - 5 QUIZ LATEST MKT 571 Week 1 Quiz 1. Costco is able to keep its inventory expenditure relatively low through its management technology and cutting-edge point-of-sale inventory management technology. As a result, Costco is able to pass these savings on to consumers in the form of low prices. This strategy is best described as 2. In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because 3. The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) 4. One of the most critical steps in the defining process of market research is 5. Which of the following industries is most likely to use database marketing? 6. Which of the following statements demonstrates behavioral loyalty towards a brand? 7. Which strategy does this exemplify? Kayak and Orbitz provide their customers with a variety of travel options including flight reservations, vacation packages, flight and hotel options with or without car rentals, and cruise offerings 8. Which of the following is correct about marketing management? 9. Which market do customers who have purchased and are driving Audi automobiles represent? 10. A company's sales......

Words: 2312 - Pages: 10

Premium Essay

Mkt 571 Week 1 - 5 Quiz -

...MKT 571 Week 1 - 5 Quiz - IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://acehomework.com/MKT-571-Week-1-5-Quiz-Latest-And-Original-Work-12300909.htm If You Face Any Problem E- Mail Us At JohnMate1122@gmail.com MKT 571 Week 1 Quiz 1. 1. Costco is able to keep its inventory expenditure relatively low through its management technology and cutting-edge point-of-sale inventory management technology. As a result, Costco is able to pass these savings on to consumers in the form of low prices. This strategy is best described as 2. 2. In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because 3. 3. The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) 4. 4. One of the most critical steps in the defining process of market research is 5. 5. Which of the following industries is most likely to use database marketing? 6. 6. Which of the following statements demonstrates behavioral loyalty towards a brand? 7. 7. Which strategy does this exemplify? Kayak and Orbitz provide their customers with a variety of travel options including flight reservations, vacation packages, flight and hotel options with or without car rentals, and cruise offerings 8. 8. Which of the following is correct about marketing management? 9. 9. Which market do customers who have purchased and are driving Audi......

Words: 2399 - Pages: 10

Premium Essay

Mkt 571 Week 1 - 5 Quiz -

...MKT 571 Week 1 - 5 Quiz - IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://acehomework.com/MKT-571-Week-1-5-Quiz-Latest-And-Original-Work-12300909.htm If You Face Any Problem E- Mail Us At JohnMate1122@gmail.com MKT 571 Week 1 Quiz 1. 1. Costco is able to keep its inventory expenditure relatively low through its management technology and cutting-edge point-of-sale inventory management technology. As a result, Costco is able to pass these savings on to consumers in the form of low prices. This strategy is best described as 2. 2. In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because 3. 3. The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) 4. 4. One of the most critical steps in the defining process of market research is 5. 5. Which of the following industries is most likely to use database marketing? 6. 6. Which of the following statements demonstrates behavioral loyalty towards a brand? 7. 7. Which strategy does this exemplify? Kayak and Orbitz provide their customers with a variety of travel options including flight reservations, vacation packages, flight and hotel options with or without car rentals, and cruise offerings 8. 8. Which of the following is correct about marketing management? 9. 9. Which market do customers who have purchased and are driving Audi......

Words: 2399 - Pages: 10

Premium Essay

Mkt 571 Week 1 - 5 Quiz Latest Mkt 571 Week 1 Quiz

...MKT 571 Week 1 - 5 Quiz Latest MKT 571 Week 1 Quiz IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwspeed.com/MKT-571-Week-1-5-Quiz-Latest-12300909.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com 1. Costco is able to keep its inventory expenditure relatively low through its management technology and cutting-edge point-of-sale inventory management technology. As a result, Costco is able to pass these savings on to consumers in the form of low prices. This strategy is best described as 2. In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because 3. The Soccer World Cup is promoted aggressively to both companies and fans. This is an example of marketing a(n) 4. One of the most critical steps in the defining process of market research is 5. Which of the following industries is most likely to use database marketing? 6. Which of the following statements demonstrates behavioral loyalty towards a brand? 7. Which strategy does this exemplify? Kayak and Orbitz provide their customers with a variety of travel options including flight reservations, vacation packages, flight and hotel options with or without car rentals, and cruise offerings 8. Which of the following is correct about marketing management? 9. Which market do customers who have purchased and are driving Audi automobiles represent? 10. ...

Words: 2320 - Pages: 10

Free Essay

Mkt 571 Wk 4

...Atkins Diet Marketing Plan Part II MKT / 571 June 11, 2015 Atkins Diet Marketing Plan Part II Atkins is one of the leading branded retailers and wholesalers of weight management products. The company offers a wide variety of nutrition bars, shakes, snacks and frozen meals for those on a low carb diet plan. . The Atkins Advantage RTD Shakes are canned drinks that are low in calories but full of carbohydrates. As mentioned in part I’s marketing plan, protein shakes were previously advertised to body builders and serious athletes. Today the protein shake sector is booming with waves of protein drinks marketed to ordinary people. It is estimated that the protein shake market will grow to 8 billion by 2017 (Westman, 2002). As this market continues to transform, it is important for the company to be cognizant of profile growth within the market and brand. Target Market Profiles Atkins Protein shakes in Arizona are targeted at men and women in their mid. 30-40s. They are successful business owners who are athletic and love outdoor sports. They own their own fitness studios or gyms and are always promoting a healthier lifestyle. In Arizona, there are a lot of outdoor activities, so they hike and explore the state on their free time. This gives them the perfect opportunity to drink our protein shakes as they are always on the run. Their business help promote shakes to their own customers. Atkins Protein Shake buyers look for nutritional value in the items they buy and...

Words: 1178 - Pages: 5

Premium Essay

Mkt 571 Week 1 – 6 Quiz Latest

...A++PAPER;http://www.homeworkproviders.com/shop/mkt-571-week-1-6-quiz-latest/ MKT 571 WEEK 1 – 6 QUIZ LATEST MKT 571 Week 1 - 6 Quiz Latest, week1 WEEK 1 1 In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because the consumers have a high debt-to-income ratio consumer borrowing increases during recession of stringent credit policies adopted by the Fed before the onset of recession of steady supply of loanable funds in the economy during recession Correct 2 Marketing is considered both an art and a science. How do the 4Ps, or marketing mix, help us bridge the gap between art and science? Marketing balances the need for data with that of creativity. Marketing is about advertising. Marketing focuses on sales as the primary goal. Marketing is involved with price as the major factor. Correct 3 What data analysis type is being used here? When Sam thought about opening a foreign car repair shop in Phoenix, he researched all of the firms in the area before deciding on a location. He also analyzed their capabilities and found articles about many of them in terms of their capabilities, strengths, and weaknesses. Licensed information Secondary data Primary data Tertiary information Correct 4 Which strategy does this exemplify? Kayak and Orbitz provide their customers with a variety of travel options including flight reservations, vacation packages, flight...

Words: 1135 - Pages: 5

Premium Essay

Mkt 571 Week 1 – 6 Quiz Latest

...MKT 571 WEEK 1 – 6 QUIZ LATEST A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=mkt-571-week-1-6-quiz-latest Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION MKT 571 Week 1 – 6 Quiz Latest, week1 WEEK 1 1 In the U.S., consumer expenditures on homes and other large purchases tend to slow down during a recession because the consumers have a high debt-to-income ratio consumer borrowing increases during recession of stringent credit policies adopted by the Fed before the onset of recession of steady supply of loanable funds in the economy during recession Correct 2 Marketing is considered both an art and a science. How do the 4Ps, or marketing mix, help us bridge the gap between art and science? Marketing balances the need for data with that of creativity. Marketing is about advertising. Marketing focuses on sales as the primary goal. Marketing is involved with price as the major factor. Correct 3 What data analysis type is being used here? When Sam thought about opening a foreign car repair shop in Phoenix, he researched all of the firms in the area before deciding on a location. He also analyzed their capabilities and found articles about many of them in terms of their capabilities, strengths, and weaknesses. Licensed information Secondary data Primary data Tertiary information Correct 4 Which strategy does this exemplify? Kayak and Orbitz provide their customers with a variety of......

Words: 1147 - Pages: 5

Premium Essay

Mkt 571 Week 3

...MKT 571 WEEK 3 A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=mkt-571-week-3 Visit Our website: http://hwsoloutions.com/ Product Description MKT 571 Week 3, Introduction Burger King is an international chain of burger fast food restaurants, established in 1953, with its headquarters located in Miami, Florida, United States. Burger King’s is a segmentation of an industry that serves burgers globally. The company has over 12,000 franchises in over 75 countries. The majority percent of the restaurants are privately owned and operated. Globally, the organization has an estimated 40 subsidiaries; these subsidiaries oversee the operations of the franchise and its financial obligations. The company’s brand manages and owns trademarks, domain names and copyrights. In addition, these subsidiaries offer marketing services to their parent company. Because of a new restructuring plan, Burger King has decided to re-franchise its locations that are corporate owned to private owners. This will enable the firm to have a one hundred percent franchised operation before the end of 2013. This initiative, which was initiated in 2012, divested the company’s corporate locations in various locations including Canada, Spain, Florida and Germany. This strategy provided the company a profit of sixty eight million US dollars by the end of the third quarter of 2013 (Taylor, Kate, 2013). As a franchise for burgers, Burger King’s items include the famous Whopper, the......

Words: 480 - Pages: 2

Premium Essay

Mkt 571 Week 4 New Product Launch Ii

...MKT 571 WEEK 4 NEW PRODUCT LAUNCH II A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=mkt-571-week-4-new-product-launch-ii Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION MKT 571 Week 4 New Product Launch II New Product Launch II Introduction Henry Ford’s famous line, “any color you want, as long as it is black” no longer fits the current hypercompetitive marketplace. The launch of the Model T and the development of the assembly line allowed Ford to make such assertion on the market because products were more price focused, and there were fewer competitors. Nowadays, with technology and customer (value-based) branding, buyers have numerous choices for every commerce or merchandise. Instead of the homogenous mass production, there is a movement towards differentiation through customization and market segmentation. Therefore, ZENN Motors Inc., and all other organizations must consider the four P’s of marketing (product, place, price, and promotion) when launching a new product or in company positioning. Market Segmentation Segmentation divides the consumers into well-defined portions, and then re-groups customers who share similar needs and wants; typically into geographic, demographic, psychographic, and behavioral sectors. The geographic segment divides consumers into topographical areas such as regions, countries, neighborhoods, and etcetera. A demographic market splits variables by “age, family size,......

Words: 511 - Pages: 3

Premium Essay

Week 4 Mkt/571

...first year was profitable for the company. Now the company is going to plan to introduce its new product in the domestic as well as international market. The domestic market is Greece, and International market is Santiago in Chile. The new product introduced by Kudler Fine and Food in Greece and Santiago, Chile is Gourmet Olives. This product is used to make variety of oils, jams, chocolates, etc. The Kudler wants to serve best to its customer and the Gourmet Olives introduced by the company are one of its best product. Gourmet olive is used to make a variety of products such as jams, chocolates, oils, wines, etc. It is beneficial for the health of the consumers and help to control the blood pressure, sugar regulation, market immune system stronger, keeps body young, keep heart healthy and prevent strokes, etc. (Gourmet Olive oil is healthier than other vegetable oils, 2009). It should be considered that how the product is being placed in the market. If the company opens some discount stores it should keep the prices low. It also depends on the target customers. If the company targets high-class customers the pricing will naturally be high. If it targets all the customers then reasonable pricing should be kept which will be in favor of all the people (Kotler, 2002). For both the domestic and international market it is necessary for the Kudler Fine and Foods to develop a brand positioning and value for the company, which lead to positive......

Words: 1301 - Pages: 6

Free Essay

Mkt 571 Week 3 Segmentation and Target Market Paper

...Tia Crawford Marketing 571 January 7, 2016 Dr. Catherine Burr Segmentation and Target Paper: Neese’s Neese’s Country Sausage was established by J.T. Neese. He began delivering and selling sausage in 1917, using a covered wagon (Sausage, 2016). The Neese’s Company is located in Greensboro, North Carolina in Guilford County (Sausage, 2016). The family makes various food products that include sausage, souse meat, c-loaf, liver pudding, liver mush, and bacon (Sausage N., Products, 2016). The Neese’s Company has been able to identify itself as an independent market by determining the demands, needs, and wants of their customers (Dictionary, 2016). This process is called segmentation marketing (Dictionary, 2016). Neese's has been able to identify clearly the market and measure its effective size (Dictionary, 2016). The company has also established successful efforts of promotion and branding that have provided the ability to be a top competitor in the market. Demographic Company demographics provides knowledge and statistics of consumers and other clients (Suttle, 2016). Demographics is mostly used to point out differences in attributes among consumers (Suttle, 2016). The demographics for Neese’s consist of gender, race, location, and age. The company evaluates the trends of sales for customers in each area. Depending on the sales for the region, product trends are determined that can have an impact on sales. Future products are placed in markets and online for trial......

Words: 1280 - Pages: 6