Can u answer these two questions please

Burt's Bees started like many entrepreneurial ventures, with founders who had a promising idea, but not a penny to their names. In the early 1980s, Burt Shavitz was a beekeeper in norther Maine selling honey out of his pickup truck and living in a modified turkey coop. Roxanne Quimby, a wife, and mother looking for a way to supplement the family income, had the idea to buy Burt's surplus beeswax to make and sell candles. Later, Roxanne happened upon a nineteenth century book of homemade personal care recipes and acquired a second-hand industrial mixer from a university cafeteria. That is when the Burt's Bees brand began to take shape. The main product line of natural beeswax candles was slowly replaced by personal care products, including the brand's famous lip balm made with beeswax, coconut and sunflower oils, and other ingredients that you could just as easily eat as put on your lips. As Burt's Bees grew, it automated its manufacturing processes, yet the products that rolled off those automated lines maintained the quality and feel of natural homemade goods. Right from the start, the Burt's Bees brand stood for natural ingredients, and today that continues to be the brand's main point of differentiation PLACE When the company first started out, the popular maker of natural personal care products was a niche brand, distributed only in boutiques and natural-food stores. Burt's Bees sales exploded when major supermarket and discount retail chains started carrying the small company's line. Today, they sell direct to the customer through their website in the United States, but in Canada, their website is strictly informative, directing customers to their retailers. You can find their products almost everywhere - from the smallest drugstore to the largest multinational chains, such as Walmart. PRICING Although distributed in stores like Walmart where there is a focus on low price, Burt's Bees has maintained a strategy of "willfully overpricing". In Burt's Bees case, that means charging price premiums of 80 percent or more over comparable non-natural lip balms. Burt's Bees lip balm, the brand's best- selling product, sells for $4.89 a tube in Canada, while market leading Chapstick sells for about a third of the price. A 300 ml bottle of shampoo costs $10, and a bar of soap costs $8. A pricing strategy like this can only succeed if there is something about the brand that makes it special. Fortunately for Burt's Bees, its strategy of willfully overpricing coincided with a trend of growing consumer preference toward natural products and environmentally friendly goods. Burt's Bees' natural ingredients and company values were enough to justify the brand's higher prices for many. But can a pricing strategy that relies on consumer trends work forever? PROMOTION Burt's Bees is now owned by Clorox and is part of the company's comprehensive strategy to become more environmentally friendly. Advertisements in magazines compare natural ingredients in Burt's Bees to chemical ingredients found in other products. Burt's Bees spent approximately $100 million on advertising in 2020. Recently, they have focused their spending on print, digital and national television advertising. Recent digital advertising campaigns have included Snapchat, Facebook, and Instagram. Television advertisements for the products have focused on specialty channels, such as Discovery TV and Home & Garden TV Burt's Bees also gives back to the community. The Burt's Bees Greater Good Foundation was established in 2007 to support human and honeybee health. The foundation has issues over $4.1 million in grants to fund programs for research, education, and conservation of the environment. During the COVID-19 pandemic, the company donated over $1.5 million in grants and product donations to frontline workers and vulnerable populations. They have planted over 15 billion wildflower seeds to support farmers and pollinator foliage. Clorox allows Burt's Bees to operate as an independent division, remaining true to its original mission and values. The Burt's Bees brand remains a very solid contributor to Clorox's results, with sales growth and profit margins above the company average, and it is the fastest growing business unit in the company. It seems that Burt's Bees pricing strategy is proof that, by leveraging a brand's strengths, customers will continue to buy on value, not just on price. 1. Identify the pricing strategy being used by Burt's Bees. Explain why this strategy is effective for Burt's Bees. (4) Identify which of the four the major pricing approaches is being used, the substrategy, and why this choice is effective for Burt's. (See Fig 9-2, page 210, pages 208-214 and PPT slides 7-12). 2. When setting a price, many internal and external factors are considered. Explain 2 internal factors and 2 external factors that Burt's Bees would consider when setting price. (8) Explain how demand and revenue, controlling cost, pricing constraints, and legal/ethical issues would have been considered by Burt's (See PPT slides 13-21, pages 214-226). Consider the following as Micro and Macro forces: . . . Forecasting: Method, Profit/Loss, ROI Demand: Curve, Shift, Price Elasticity Revenue: Total Revenue Costs: Total Cost, Fixed Cost, Variable Cost Break-Even: Break-even point, Pricing Objectives: Profit, Sales, Market Share, Volume, Survival, Social Responsibility Constraints: Demand, Newness, Cost, Competition Legal/Ethical: Price Fixing, Discrimination. Deceptive Pricing, Predatory Pricing Global Strategy