Assignment:
- Based on the video, how is JC Penny's making the switch from department store to specialty store? Can JC Penny's compete with Nordstrom's in today's shopping market?
- What is being communicated in this video? How many times do you see the word "Pepsi?"
- Based on the article, what can you learn from their mistakes?
· Read the following examples. Which of the products are relatively elastic, and which are relativity inelastic and why?
o Refrigerator
o Gasoline
o Internet service
o Pair of jeans
o Diamond
o Scarves
o Orange juice
o Salt
o Computer
o Concert tickets
Watch the provided video. Marketing activities other than personal selling, advertising, and publicity that enhance consumer purchasing and dealer effectiveness.
o Goal is speeding the sales process and increasing sales volume.
o Produce best results when combined with other marketing activities, such as advertising.
o Cannot overcome poor brand images, product deficiencies, or poor training for salespeople.
Read the following examples. Determine the type of differential or new-product pricing used as the pricing strategy.
Every year Dillard's offers a Fourth of July sale on its products.
Coca-Cola quickly gained market share in a new market by pricing products lower than competitors.
At car dealerships it is common to haggle over the final price of a car purchase.
A U.S. textbook publisher sells textbooks in the United States at one price, but will sell foreign editions at a lower price for students in other countries.
Tiffany & Co. introduced a new emerald necklace by charging the highest possible price to reflect its prestige.