Marketing Glitz - 1281 Words

1003 MKT Individual Assignment - Glitzz Case Study 1. What factors influence the pricing decisions for a product such as Glitzz? Analyze the factors and comment on the range of prices that can be set for Glitzz. The factors that influence the pricing decisions for Glitzz are the pricing objectives, costs, and demand. The pricing objectives will be needed to direct the role of the price in the market. Higher prices will need to be set if the objective is to have higher profit margin instead of higher market share. However, if the objective is to survive in the industry, the prices need to be low to get more sales to meet its operating cost. For the case of Glitzz, the pricing objective is between having higher market share and to†¦show more content†¦A product that brings positive benefits to the customers should not set its price at a very low rate as it will devalue the product and lost credibility for the benefits that the product has promised. In addition, the price should not be over $ 20 as research has been conducted to show that very few customers are willing to pay above $20 for the product. 3. What Strategy would you propose for Glitzz? What costs and expenses would be involved? Given your recommended price in (2), what would be the breakeven point? I would recommend Glitzz to use Flexible-price policy together with demand and competition oriented approaches like prestige, odd-even and above-market pricing. Both the demand and competition oriented approaches focus on consumer demand, revenue implication and the markets performance and this helps Glitzz to stay competitive and in operation. Moreover, with flexible pricing policy, Glitzz is able to use price discrimination by setting different prices for different type of customers. The price can be set at a discount for business to business customers like Lee Hwa. Glitzzs product will be frequently used by jelwelry shops like Lee Hwa as Lee Hwas products are the jewelries. The jewelries have to be kept clean and shinyShow MoreRelatedMarketing Case Study for Glitz2607 Words   |  11 PagesMKT1003X Marketing | Glitzz: Devising a Pricing Strategy | Marketing Case Report (5) | | 1. What factors affect the pricing decisions for a product such as Glitzz? Analyze these factors and comment on the range of prices that can be set. The right price must generate enough sales dollars to pay for the costs of developing, producing, distributing and marketing the product as well as earn a profit for the company. There are various factors that affect the pricing decision such as objectivesRead MoreMarketing Research and Promotional Message: Baby Boomers Essay754 Words   |  4 Pages(SMS, the internet) and as a group can by no means be characterized as being technology anxious† (Niemelà ¤-Nyrhinen, 2007). 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