Session:11 Creating Products and Pricing Strategies to Meet Customers’ Needs
Preparing for Tomorrow’s Workplace Skills
Introduction to Business | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/introduction-business
- Can the marketing concept be applied effectively by a sole proprietorship, or is it more appropriate for larger businesses with more managers? Explain. (Information)
- Before starting your own business, you should develop a marketing strategy to guide your efforts. Choose one of the business ideas listed below, and develop a marketing strategy for the business. Include the type of market research you will perform and how you will define your target market. (Information, Systems)
- Crafts store to capitalize on the renewed interest in knitting and other crafts
- Online corporate-training company
- Ethnic restaurant near your campus
- Another business opportunity that interests you
- “Market segmentation is the most important concept in marketing.” Why do you think some marketing professionals make this statement? Give an example of each form of segmentation. (Systems)
- Pick a specific product that you use frequently, such as a cosmetic or toiletry item, snack food, article of clothing, book, computer program, or video game. What is the target market for this product, and does the company’s marketing strategy reflect this? Now consider the broader category of your product. How can this product be changed and/or the marketing strategy adjusted to appeal to other market segments? (Systems)
- Under what circumstances would a jeans maker market the product as a convenience product? A shopping product? A specialty product? (Information)
- Go to the library, and look through magazines and newspapers to find examples of price skimming, penetration pricing, and value pricing. Make copies and show them to the class. (Information)
- Explain how something as obvious as a retail price can have a psychological dimension. (Information)
- Team Activity Divide the class into teams. Create a single market list of products. Each team should go to a different supermarket chain store or an independent supermarket and write down the prices of the goods selected. Report your findings to the class. (Interpersonal)
- How does the stage of a product’s life cycle affect price? Give some examples. (Informational)