Market pricing is one of the most critical aspects of the marketing mix that decides the success of products. It would be dangerous for an organization to set the price of the products too much high without having a good brand value. Determination of the pricing of a product is quite challenging. It depends on various factors such as production cost, quality of the product, market location, customer group, competition, and market condition. The experts of our pricing strategy assignment tutoring services are constantly engaged in market research, and thus, they are well aware of market dynamics. Hence, our experts can provide you with the proper guidance in your pricing strategy assignments as per the accurate market value. The rationality of product pricing depends on optimizing the net revenue generated from the sales of products. It is also affected by prevalent market conditions and forces. Therefore, the students need deep knowledge regarding market concepts for setting the price of products. Determination of accurate production cost needs lots of calculation. Pricing strategy assignments help assist you in calculating the actual cost of the products mentioned in your paper.
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Choosing an appropriate pricing strategy is the most significant fundamentals of the marketing process. For example, if any company sets the price of a product extremely low, it would not earn profit. On the other hand, if any company assigns the cost of the products extremely high without a substantial brand value, then no customers will be willing to buy the products. Different pricing strategies to be followed in helping with pricing strategy assignment are as follows:
This pricing strategy is adopted by organizations to grab the market at its initial stage. In this pricing strategy, an organization usually keeps the price of the product low so that it can acquire a considerable amount of customers. Organizations increase the price level of the products when huge customers absorb them.
Competitive pricing is all about setting the price of the service and products based on the charge of the competition. This pricing strategy is mainly used by organizations selling similar products. In this pricing strategy, an organization first analyzes the cost of the competitor companies and sets the prices of their products.
Cost-Based Pricing is a pricing method in which the sum of the total cost is added to the expenses of the product. This is used for setting the price of the products. Thus, all the costs related to the product are combined to form the price of the product. For example, the Geographical pricing strategy incorporates all the costs incurred in the production, operation, and transportation of products to set the appropriate price for the products. Furthermore, organizations set the profit margin for the products on top of the total cost.
Product line pricing indicates setting and reviewing the price of multiple products, which an organization offers in coordination with one another. This pricing strategy aims to maximize the sales of different products by making them more complementary rather than complementary.
All such pricing strategies need a thorough knowledge of the concept of market condition and market dynamics. Therefore, you might feel stressed in preparing marketing assignments. So, our marketing assignment help experts arrive with online pricing strategy assignment tutoring to help resolve all your doubts when working on a tough pricing strategy assignment. Moreover, our efficient experts are always in research work and academia. Therefore, we can provide the best pricing strategy assignment help that brings good scores for the students.
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Pricing Strategy Of Rain Forest Cafe
Describe the Pricing Strategy of Rain Forest Café?
Rainforest Café is a restaurant chain that Landry's Inc of Houston owns. In 2008, the chain of restaurants started its operations in the UK. The Rainforest Café is spread in various parts of the world in the United States, UK, Canada, France, and Japan. The main source of income for Rain Café forest is local tourism. Some features of the rain forest are depicted in the decorum of the Rainforest Café. The features include the growth of plants, mists, waterfalls, and figures of animals, including frogs, tigers, and elephants. The rooms of the restaurants are partitioned by means of rain curtains that run from the top of the partition walls and booths and the aquatic tanks. The food served by Rain Forest Café ranges from seafood, pizzas, pasta (Rainforestcafe.com, 2015).
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A pricing strategy is a tactic businesses use to boost sales and maximise profits by selling their products or services at specific prices. This strategy is developed based on the cost of a product, the labour required for it, the advertising expenses, trade margins, competitive pricing, and overall market conditions.
In the study of the marketing process, four elements are considered the key to any successful marketing plan. These concepts are also known as the 4Ps of marketing. These four key elements are:
The marketing mix of these four Ps guides the marketing managers, helping them devise an effective strategy.
The experts at MyAssignmenthelp.expert are not only skilled at solving marketing assignments, but they are also highly qualified in this particular field of study. They are well aware of the theories and formulas that are used for the calculation of production cost, which is the sum of total direct materials and labour costs and the total manufacturing overhead costs.
Markup pricing strategy, also known as the cost-plus pricing strategy, is a pricing method where you need to add a fixed percentage on top of the production cost for each product unit. This strategy ignores consumer demand as well as competitor prices. You can see this kind of pricing strategy in the retail stores.
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