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Please respond to the following: Identify one product that would benefit from each of these three pricing strategies, and one product that would not benefit from each pricing strategy (cost-plus, cu
Please respond to the following:
- Identify one product that would benefit from each of these three pricing strategies, and one product that would not benefit from each pricing strategy (cost-plus, customer-driven, and share-driven). State your rationale for each selection.
classmate response: only respond to the question with 2 or 3 sentences.
One product that benefits from the pricing strategy of cost plus would be print products. In my printing business I have set pricing and know exactly the cost in a particular item. Customer driven pricing is setting prices based on a customer's perceived value of such a product, this is most appropriate in food service I believe. Share-Driven pricing if I remember correctly is essentially competitive pricing, and most service industry product benefit greatly from this type of pricing strategy.
Cost plus would not benefit the service industry which depends on competitive pricing. Printing would not work well with customer driven pricing strategy, simply because customers don't understand the value placed on a tangible marketing product. Food Service would not work well with the share pricing or competitive pricing I believe.