Pricing Strategies

Overview:

The marketing mix is a key set of tools within the microenvironment, which helps an organization produce the response it wants from their target market. It’s made of up the 4Ps, which include product, price, place, and promotion. When these four factors are aligned properly, they play an important role because it encompasses everything an organization can do to deliver customer value and engage consumers.

Simulated Business Scenario:

Mohammad is a baker who is planning to start his own business and open a bakery in his hometown in Connecticut. He has spent a lot of time and effort perfecting his cookie recipe , which he has been making over the years from a family recipe.

Mohammad is concerned that he is spending too much time and effort on the actual cookie recipe (product) and not enough time on the remaining 3Ps. In order to ensure a successful launch of his new business, Mohammed hired you to help with the bakery’s grand opening. He asked you to prepare a report detailing what the bakery can do to deliver customer value.

Questions:

1) What would you recommend Mohammed do to create a proper balance between the 4Ps (integrated marketing mix) for his bakery? In other words, what would you advise Mohammed do with:

- Product
- Price
- Place
- Promotion

2) Reply to your own post with a Question, Quotation, or Comment (QQC):

Respond to this week’s reading in a very short way, just by jotting down either

a) a question you had about the reading,

b) a quotation you found interesting from the reading, or

c) a comment or reaction that you had to a particular section of the reading.

Or maybe all three of those.

We want to hear your opinions so please try to post more than the ABSOLUTE MINIMUM of 3 times in this weekly conversations. Here’s a set of recommendations:

Try to post your initial post on Monday or Tuesday (no later than Wednesday)
Try to post at least 2 responses (absolute minimum requirement) to other students on separate days of the week

For example:

1 on Thursday
1 on Friday

However, if you are interested being eligible for top grades… please consider entering a total of 5 (or more) contributions to the weekly conversations on separate days of the week!

All this provides the rest of our group with additional time to respond in a thoughtful way and contribute meaningful insight to the conversations! We all have our individual perspectives so please share your personal experiences as they relate to the weekly conversation!

Answer preview for Pricing Strategies

APA

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