Pricing Strategies A Marketing approach 1st edition Robert M. Schindler - Solutions

Unlock the secrets of "Pricing Strategies: A Marketing Approach" by Robert M. Schindler with our comprehensive solution manual. Dive into online answers key and explore detailed chapter solutions that illuminate every aspect of the textbook. Our solved problems provide step-by-step answers, making complex concepts accessible. Whether you're searching for a test bank or an instructor manual, our resources are designed to cater to your academic needs. Plus, enjoy the convenience of free download options for solutions pdfs. Enhance your learning experience with our expertly crafted questions and answers, ensuring you grasp the essentials of pricing strategies effortlessly.

Strengths, weaknesses, opportunities, and threats: Which is the most important? Why? How might your response change if you were the CEO of a corporation? What if you were a customer of the firm? An employee? A supplier?
Support or contradict this statement: “Given the realities of today’s economy and the rapid changes occurring in business technology, all competitive advantages are short lived. There is no such thing as a sustainable competitive advantage that lasts over the long term.” Defend your position.
Is it possible for an organization to be successful despite having a value curve that is not distinct from the competition? In other words, can an organization be successful by selling a me-too product (a product that offers no compelling differences when compared to the competition)? Explain.
Perform a SWOT analysis using yourself as the product. Be candid about your resources and the strengths and weaknesses you possess. Based on the opportunities and threats you see in the environment, where do you stand in terms of your ability to attend graduate school, get a job, begin a career, or
Many people criticize marketing as being manipulative based on the argument that marketing activities create needs where none previously existed. Marketers of SUVs, tobacco products, diet programs, exercise equipment, and luxury products are typically the most criticized. Given what you now know
Many consumers and consumer advocates are critical of individualized segmentation approaches due to personal privacy concerns. They argue that technology has made it far too easy to track buyer behavior and personal information. Marketers counter that individualized segmentation can lead to privacy
As we have seen thus far, the size of the consuming population over the age of 50 continues to grow. What are some of the current ethical issues involved in targeting this age group? As this group gets older, will these issues become more or less important? Explain.
Consider the number of product choices available in the U.S. consumer market. In virtually every product category, consumers have many options to fulfill their needs. Are all of these options really necessary? Is having this many choices a good thing for consumers? Why or why not? Is it a good
Pricing strategy associated with services is typically more complex than the pricing of tangible goods. As a consumer, what pricing issues do you consider when purchasing services? How difficult is it to compare prices among competing services, or to determine the complete price of the service
Some manufacturers and retailers advertise that customers should buy from them because they “eliminate the middleman.” Evaluate this comment in light of the functions that must be performed in a marketing channel. Does a channel with fewer members always deliver products to customers at lower
You are in the process of planning a hypothetical airline flight from New York to St. Louis. Visit the websites of three different airlines and compare prices for this trip. Try travel dates that include a Saturday night layover and those that do not. Try dates less than seven days away, and
Locate a product offered by a manufacturer using a dual distribution approach. Are there differences between the customers targeted by each channel? How do the purchase experiences differ? In the end, why would a customer buy directly from a manufacturer if the prices are higher?
Visit the Cents Off website (www.centsoff.com) and browse the available coupons and read the FAQs. What are the benefits of the Cents Off service for advertisers and consumers? If you were a manufacturer that issues coupons, what factors would favor using the Cents Off website for distribution
Consider the notion that a truly effective brand is one that succinctly captures the product offering in a way that answers a question in the customer’s mind. Now, consider these brands (or choose your own): Coca-Cola, Disney, Marlboro, American Express, and Ford. What questions do these brands
Compare the corporate reputation scores in Exhibit 7.2 with the brand valuations in Exhibit 7.4. Why does Apple sit at the top of both lists? How has the company used good branding and positioning strategy to achieve this result? How is it that Wells Fargo can have a very high brand valuation, but
Look back at the Top 10 brands in Exhibit 7.4. What bases do these brands use for differentiation? What strategies do they use to create a relative position in their respective markets? Why do these brands hold so much value?
Do some background research the following markets: wireless phone service, DVD players, and pizza. Which stage of the product life cycle is each of these markets in currently? What market characteristics lead you to feel this way? Is there evidence that any of these markets are on the verge of
Why is marketing ethics a strategic consideration in organizational decisions? Who is most important in managing marketing ethics: the individual or the firm’s leadership? Explain your answer.
Why have we seen more evidence of widespread ethical marketing dilemmas within firms today? Is it necessary to gain the cooperation of marketing managers to overstate revenue and earnings in a corporation?
What is the relationship between marketing ethics and organizational performance? What are the elements of a strong ethical compliance program to support responsible marketing and a successful marketing strategy?
Visit the Federal Trade Commission website (www.ftc.gov). What is the FTC’s current mission? What are the primary areas for which the FTC has responsibility? Review the last two months of press releases from the FTC. Based on these releases, what appears to be the major marketing ethical issues
Visit the Better Business Bureau website (www.bbb.org). Review the criteria for the BBB Marketplace Torch Awards. What are the most important marketing activities necessary for a firm to receive this award?
Forget for a moment that planning the marketing strategy is equally as important as implementing the marketing strategy. What arguments can you make for one being more important than the other? Explain your answers.
If you were personally responsible for implementing a particular marketing strategy, which implementation approach would you be most comfortable using, given your personality and personal preferences? Why? Would your chosen approach be universally applicable to any given situation? If not, what
What do you see as the major stumbling blocks to the successful use of the internal marketing approach? Given the hierarchical structure of employees in most organizations (e.g., CEO, middle management, staff employees), is internal marketing a viable approach for most organizations? Why or why not?
Find a recent news article about an organization that changed its marketing strategy. What were the reasons for the change? How did the organization approach the development and implementation of the new strategy?
One of the common uses of customer relationship management (CRM) in consumer markets is to rank customers on profitability or lifetime value measures. Highly profitable customers get special attention, while unprofitable customers get poor service or are often “fired.” What are the ethical and
Given the commoditized nature of many markets today, does customer relationship management—and its associated focus on quality, value, and satisfaction—make sense? If price is the only true means of differentiation in a commoditized market, why should a firm care about quality? Explain.
Of the two types of customer expectations, adequate performance expectations fluctuate the most. Describe situations that might cause adequate expectations to increase, thereby narrowing the width of the zone of tolerance. What might a firm do in these situations to achieve its satisfaction targets?
Think about all of the organizations with which you maintain an ongoing relationship (banks, doctors, schools, accountants, mechanics, etc.). Would you consider yourself to be unprofitable for any of these organizations? Why? How might each of these organizations fire you as a customer? What would
J.D. Power and Associates (www.jdpower.com) is a well-known research company specializing in the measurement of product quality and customer satisfaction. Explore their website to look at their customer satisfaction ratings for a number of industries. What role will third-party firms like J.D.
As USA Today looks toward its future, a number of issues must be considered. Toward this end, the latter half of the case is written in the form of a situation analysis. Students should be encouraged to update this information as much as possible, and then conduct a comprehensive SWOT analysis for
While most students will know of Wyndham’s separate brands, many will not know of Wyndham the company. This case can be approached from two (related) angles: branding and social responsibility. With respect to branding, Wyndham suffered through most of its history without a solid brand identity.
This case gives students an opportunity to learn about branding from a company that is a shining example of an organization that successfully embraces the branding mantra. Throughout its 60 years of existence, NASCAR has developed and implemented a branding strategy that encompasses a wide range of
This case offers students the opportunity to develop and analyze strategic alternatives to IndyCar’s weaknesses relative to NASCAR. A concept that can be emphasized in this case is positioning. Competition for the attention of auto racing fans is intense as NASCAR is more popular than IndyCar in
Although most students will know of Zappos as a shoe retailer, this case is not about shoes or even retailing per se. Students should see Zappos as a culture and a way of doing business. The question is whether this culture and the Zappos way can be applied to other industries and product lines.
A major point in teaching this case is to consider the impact that a formal marketing strategy had on the small firm. The founder, Don Sapit, was a mechanical engineer with an MBA from the University of Chicago. Training and background prepared him to effectively use a systematic approach toward
Many students will be familiar with, and possibly customers of, the key players in the industry. This case describes the history of Netflix and the movie rental industry. The case analysis and discussion can revolve around the specific strategic actions that Netflix should follow in this rapidly
This case can be used for a variety of classroom discussions. First, the case demonstrates how a firm can grow through both diversification and innovation. Despite its many successes, Gillette has had several unsuccessful acquisitions and business ventures in its history. The key learning point
Virtually all students have heard of IKEA, but only a few will have ever visited an IKEA store. For that reason, it is a good idea to direct students to the IKEA website or an IKEA catalog prior to discussing the case. It is important that students understand that every aspect of IKEA’s strategy
Daniel Woo, founder of Sushilicious, a new sushi restaurant in Irvine, California, was thinking about how to make his second year in the business even more successful. Woo had defied the odds, building a successful sushi restaurant in the same location where a traditional sushi restaurant had
After going public in 1992, Starbucks’ strong balance sheet and double-digit growth made it a hot growth stock. The Starbucks vision was coffee culture as community, the Third Place between work and home where friends share the experience and exotic language of gourmet coffee. Its growth was
This case provides a brief history of Apple and a review of its product line and marketing program. Apple has honed its ability to produce iconic products that consumers desire. The company’s product strategy is based on innovative designs, ease-of-use, and seamless integration. Apple has not
The collective buying industry has grown by leaps and bounds over the past several years, and Groupon stands out as a major player that has revolutionized this market. This case study describes the beginnings of Groupon, as well as the firm’s rise to power, the rise of its numerous competitors,
This case deals with the ethical implications involved in producing and selling a product with unknown health and environmental side effects. Monsanto claims that its products are safe, even beneficial for society. However, critics are not convinced. A major issue in this case pertains to the
This case does not present a challenge, but rather focuses on the positive impact that a company can make on its community. This is important and distinctive within the industry because many people feel the production and promotion of alcohol is immoral and naturally contradicts the desirable
The New Belgium Brewing B case gives students an excellent example of a small company entering into the world of mass media marketing. It follows the company through the process from building a brand manifesto, to producing advertisements, to shifting toward more social forms of communication. 1.
This case focuses on a company that has traditionally enjoyed success with its marketing efforts rather than one that is struggling to gain market share. Mattel must develop a strategy to maintain its position and enhance its already well-known and trusted brands. Most students will be familiar
The Mistine case provides an example of an international company competing against a well know brand: Avon. It follows the company from small start-up to one of the largest Asian direct sellers. It gives students an excellent opportunity to see and understand how a company can develop and grow
In teaching this case, a major theme has to be BP’s rebranding efforts and how the company must strive to repair its damaged reputation in the wake of the Deepwater Horizon incident. While BP is not the only major energy company to suffer a reputational crisis, BP did realize more quickly than
This case provides a history of Chevrolet, a review of its product line and marketing program, and a discussion of Chevrolet’s competitiveness against its rivals. There are many ways to approach this case: branding, product portfolio management, promotion, bankruptcy, etc. One interesting angle
How is the voluntary nature of the commercial exchange related to its potential for creating benefits for society?
What are the four categories of marketing activities, usually referred to as the marketing mix? In what important way does pricing differ from the other three categories?
What is the marketing concept? How can pricing activities be guided by the marketing concept?
What is barter? Give an example of barter, either from your reading or from your own experience.
What is a medium of exchange? What is most commonly used in our society as a medium of exchange?
Describe the basic elements of price negotiation. Why is a price arrived at through negotiation referred to as an “interactive price”?
The CEO of a large company selling seeds and garden supplies to consumers and businesses through catalogs and the Internet is unhappy with its overall profitability. He feels that part of the solution is to be more professional in price setting, and he asks the director of marketing to hire an
An entrepreneur is starting a business selling decorative items, such as vases, wall hangings, and prints (framed or unframed) over the Internet. She is aware that she needs to make a number of pricing decisions. a. Describe a decision that the entrepreneur must make that would be an example of
As the marketer of your own professional services, you are responsible for price setting. Thus, it is necessary that you think about your pricing policy. a. Describe how a business professional might implement the following pricing policies in the pricing of his or her services: negotiated price
Identify someone you know who works in a business organization. Talk with that person to learn about the individuals in the organization who are involved in the setting of prices. a. Describe the job of a person within the organization who plays a direct role in price setting. b. Describe the job
The marketing manager of a large truck manufacturer was surprised to learn that the price lists generated by his department had little relation to the prices that were actually charged to customers. The company’s finance department often changed the prices to conform to profit goals before the
Describe the two parties in a commercial exchange and what is given and received by each party.
What are fixed prices? What do customers like about fixed prices? What do retailers like about fixed prices?
Give an example of how different numbers could be used to express what would be substantially the same price.
What are some of reasons that an item’s pocket price may not be the same as the item’s invoice price? What could be done about this?
Describe some benefits of coordinating pricing activities with the other functions of a business organization.
Why might the study of pricing be relevant to a student who does not plan to ever set prices within a business organization?
A well-known local wine shop uses keystone pricing for its line of modular wine racks.(a) Given this pricing practice, use the cost information here to calculate the retail prices for the following items. Show your calculations:(b) What is the markup percentage being used for these wine racks?(c)
You are the manager of a successful gift shop. After a meeting with her accountant, the owner of the shop has told you that the shop’s cost of goods sold should be about 30 percent of total sales revenue and that the price of each of the items that the shop sells should be in line with this. (a)
The manager of a local convenience store is expanding his line of small toy items. To price these new items, the manager is looking at the prices being charged by competing retailers in his area. For the popular “Titan Joe Action Figure,” he has observed the following prices: Downtown
A homeowner has asked a local real estate agent for advice on the price he should set for his house. The real estate agent notes that the only comparable house in the neighborhood that is currently for sale is asking $350,000. Both houses are on a hill that overlooks a beautiful lake, but the
Lincoln Manufacturing has just developed a more durable commercial carpeting. It has all the advantages of the currently available commercial carpeting and lasts twice as long. Lincoln’s materials and labor costs for producing this new carpeting are $14.50 per square yard. Buyers of commercial
Describe some ways that a seller using competition-based pricing could deal with the presence in the marketplace of a variety of prices for an item.
What might make it difficult to determine the prices of one’s competitors? When such difficulties occur, what could be done to surmount them?
Describe one advantage and one disadvantage that competition-based pricing has in common with cost-based pricing.
How is customer-based pricing related to the role of price in the commercial exchange versus the role of the other three elements of the marketing mix?
Describe the concept of a product’s value to the customer. Why is the monetary estimation of this value important for price setting?
Describe the concept of a product’s reference value. How would you calculate the reference value for a consumer product whose package size is different than the package sizes of all of its competing products?
Consider a familiar product, such as Apple’s iPhone. What would you consider to be its next closest substitute? Describe two factors that would differentiate the iPhone from its next closest substitute.
What is the difference between a positive differentiating factor and a negative one? Is it possible for an item to simultaneously have both positive and negative differentiating factors?
Which would be more prudent: pricing an item above its VTC, exactly at its VTC, or below its VTC? Explain your reasoning.
If a salesperson tells a manufacturer that the machine the salesperson is selling is better than competing machines because it will last longer, what approach should be used to estimate the value of this differentiating factor?
Suppose that you have a service business such as house painting. Describe how you would use cost-plus pricing in developing an estimate for a potential customer.
If an item is particularly valuable to a customer, using customer-based pricing might suggest a price that is higher than the one that would be indicated by use of a standard markup. Describe a situation where the use of customer-based pricing would suggest a price that is lower than the one that
Explain how an openness to customer-based pricing helped contribute to the outstanding success of the Ford Mustang.
Describe a situation where different market segments would have different VTCs for the same product.
If a company uses customer-based pricing, does that mean that costs and the prices of competing products are not taken into account?
What is the most likely reason that customer-based pricing is not more often used? What do you think of this reason?
If an item costs $10 and you apply a 60 percent markup, what would be the item’s price? If you used keystone pricing in this case, what then would be this item’s price?
If management’s profit guidelines mandate gross margins of 25 percent, calculate the markup percentage that would be equivalent to this gross margin.
If an item will be priced according to a 55 percent gross margin and the item costs $20, use that gross margin percentage to directly calculate the item’s price.
Cost-based pricing is sometimes justified by arguing that it ensures that a company receives a good profit on the products that it sells. Describe a problem with this justification. What does this problem have to do with the main disadvantage of cost-based pricing?
Given that there is a serious disadvantage to cost-based pricing, how would you account for its widespread use in retailing and other businesses?
What is parity pricing? How does it differ from other forms of competition-based pricing?
Imagine that you are a member of a new-project team of a large appliance manufacturer. Your team is given the task of designing a new refrigerator for the U.S. consumer market. (a) For each of the five types of consumer needs discussed in this chapter, give a suggestion for how a new refrigerator
In 2010, the Center for Science in the Public Interest reported a study on the popular 100-calorie packs of branded snack foods, such as Doritos, Cheez-Its, and Oreos. They found that the per-ounce prices of these 100-calorie packs were 16 to 279 percent higher than the per-ounce prices of the
The Loctite Corporation, a large adhesives producer, makes a wide variety of products for both industrial and consumer markets. One of Loctite’s industrial products is Quick Set Instant Adhesive. It is described in their catalog as follows: A particularly powerful instant adhesive especially
A large information technology (IT) company sells a software product designed to help protect an organization’s data. The company’s market research has determined that hospitals and other medical organizations in its market area have a 1.3 percent chance of losing some of a patient’s data
The marketing manager of an automobile battery manufacturer is considering the prices that should be set for some new additions to the company’s product line. The Basic is the standard model, which sells to consumers for $54. The Security is a new model that features power drain protection—the

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