Pricing products in any Market


1) What aspects of the product, company, and market determine the appropriate price of a new product? How would you determine what is most influential in determining the price of your new product or service? Provide an example that illustrates your answer.
Some of the aspects that determine the price of a new product within the business, company, product, or market would include: selecting the pricing objective within the company. The business research team would need to estimate and determine how the demand curve is at to determine the price of the product. To estimate the costs and variances at the different level outputs within the business. Therefore, the research team would analyze the competitor’s along with the prices, offers, and costs associated with the product. Furthermore, the company would have to select the right pricing method and decide on the final price of the product. Moreover, company’s rarely set a single price for the products that they sell. The company’s structure a pricing plan in place to show the variations in the geographical demands or costs associated with the product.
In order to determine the price of the new product or service through our assignment I would have to implement a focus group or demo of the product to certain prospective consumer’s to see how much they would purchase the product or service for. There can be several ways to get the information that is needed to make a solid and logical judgement on whether or not the product or service would be beneficial to the company. By administering a variety of tests during different times or in different stages would benefit the business. PSM is a test that is widely used throughout the world in different businesses to determine which price range is appropriate for the product or service being offered. Another option is to measure the demand curves to find out the primary influences within that community or certain prospective consumer’s. Which would include a variety of surveys, and experiments.

Foreign Markets


When a company is looking at the foreign markets and selling their products within those markets the seller needs to be aware of the different cultures and customs or beliefs of that market. Many times people forget that all markets are not the same. What may be okay here in the United States may not be the same in another country. Researching is the main key into the success of a product aside from the price of the product which is just as important. I have seen many shops close down because they were in a conservative spot. A lingerie shop in a small town is not anything people want to see and as a matter of fact there used to be one in this small town but it moved to another county because of the commotion that it stirred. People around here are very conservative in their thinking and thought that it should not be allowed to be a business here. Most of the products that we purchase in the United States comes from another country which means that we will pay a higher cost for that product or service because it can be sold here for a higher price.

Social Responsibility


What role does social responsibility play in the development of a new product or service? What types of ethical questions must you consider when introducing a new product or service?

Social responsibility plays a very important role in the development of a product or new service within a company or business mainly because it focuses around the better part of the aspects of the business. Within the marketing business the social responsibility by increasing the customer expectations, having a tighter government, the legislation and pressure of marketing within the business, or evolving employee goals and ambitions within the company. When a business introduces a new product or service it must be done carefully to avoid the detriment to society and protect the rights of everyone that is involved with the planning and implementation of the product or service. Ethics also plays a role when introducing a new product or service for a business and also includes the consumer as well. Employee’s should be held responsible for any unethical behavior towards other employee’s or customer’s as well. Many times people do not stop and think about what they are saying or talking about in front of the customer. They do not think about the consequences of their actions or words. I have seen and heard it all being a server and let me say this that people are not shy about talking about their lives and what they do.

Marketing


Which components do you think are the most important when developing a marketing plan? Explain why. Discuss at least three key components
In my opinion the most important components of developing a marketing plan would include the marketing strategies, a situation analysis, and the SWOTT analysis. All of these components are useful within the business setting for a variety of reasons. With a SWOTT analysis the company is able to see whether or not the product or service is doing well and fitting in with the latest trends within the market. By having this type of component the company is able to see where the weaknesses are for that product or service so that they may act quickly in resolving any issues that may arise. When it comes to the situation analysis which is another component that company’s should use in order to know what the macroeconomic or social factors may be before creating a newer product. Also by having marketing strategies in effect will allow the company to see the demand of the product so they might be able to bring in some profits from the product or service that they have created. Marketing strategies are another component that businesses will use in order to maximize their profits. Every business has to compete to stay within the market. Which means they have to constantly keep checking their product or service for the better of the consumer.

The Desire to be Financially Free


Donate Button with Credit Cards

I have been doing some research the past couple of years on the income figures for people that have degree’s versus the people that do not have an education. That being said! There are people that do not have an education but make big bucks for the work that they do. I believe in the education that I am getting and with the goals and visions that I have right now.

I believe that I will put my education to work, and it may take a little time to get the things that I would like accomplished but it will be well worth it in the end. I believe that the sky is the limit and all my life I have been told that I would not amount to anything growing up and right now I have proved them wrong because I have accomplished a lot. I know that having an education is not a guarantee to success but if I put my mind to it I will make it happen. You have to have the desire, and will to do anything that you want.

Furthermore, life is what you make it and where you end up in life is your decision.

Correlation Analysis


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What is the purpose of using correlation analysis? How might correlation analysis be used in business decisions or in strategy formulation and implementation?

Correlation analysis is an important tool In any type of business. The purpose of using the correlation analysis is for the business to determine the relationship between two variables. When a relationship has been found the correlation analysis would be used to predict the trends and changes that are associated with the variables in question. there needs to be some type of correlation analysis in order to determine the variables with the correlation analysis the business or company is able to see the end results and make healthy decisions based on the information that they have found. By using mathematical equations throughout the business world using the right mathematical equations can allow the business to look at the budgets for the quarter, or year. Correlation analysis can be used in a variety of ways to inform the business of what needs to be done to keep things moving within the business. As long as the correlation analysis is found then there is no stopping the business from succeeding in everything that they do. If the right correlation analysis is not found for the business it could mean a disastrous effect on the business. This could mean more costs than the business is willing to dish out. More research would need to be done to find the right correlation analysis for the business and to make the right decisions for the business.