Homework: Pricing & Channel Management
Length: 3 to 5 pages.
Details:
Pricing is a complex and often intimidating aspect of the marketing strategy. It is extremely important to price your product to sell and to make a profit. This blog details a pricing process designed to help any company create the best pricing strategy.
Marketers use a pricing analysis to help them price their product correctly in the marketplace for profit and revenue.
Choose 1 brand of shampoo. Pretend you are the marketing manager for this brand. You have been asked to establish a new pricing strategy in the marketplace. Conduct a pricing analysis for your shampoo. Use the following format to complete this homework:
A. How would you describe the product's current pricing structure, and who is the target market?
B. Do you need to consider any legal or ethical constraints related to pricing?
C. What new pricing strategy would you use for your shampoo? Select the strategy from the following:
• Value-based
• Cost-based
• Penetration pricing
• Skimming pricing
• Premium pricing
D. Why do you think this new pricing structure is the correct strategy for your shampoo?
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, and typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.