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Marketing 301 - Essay Example

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1. The pricing strategy of the young women's apparel store which will be established for the first time in the selected location will be dependent on various factors. First, it should be consistent with the overall image set by organization in its other outlets…
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29 December 2007 Marketing 301 The pricing strategy of the young women's apparel store which will beestablished for the first time in the selected location will be dependent on various factors. First, it should be consistent with the overall image set by organization in its other outlets. Second, it should also be suitable to the target market and take in to consideration the unique characteristic of its market. The pricing strategy should also be able to meet the four main pricing objectives such namely profitability, volume, meeting competition, and prestige. Each business organization wants to set a price which does not just cover all the costs incurred by the company but will also generate a sizable mark-up for the company. The profitability objective will be taken into account by having a sensitivity analysis which looks at the changes in profit when prices and volume varies. It should be noted that volume sales is often inversely related to price, that is, the lower the price the higher the volume and vice versa. In order to meet the volume objective, I will make sure that the price set will encourage the purchase of the desired volume. Next, in order to meet the competition objective, I will conduct a survey of the pricing of the different brands in the market to make sure that the price charged is at par with the local industry. Lastly, the pricing should support the prestige objective. Recognizing that the young women's apparel store should have a trendy and chic image, prices should not be kept too low in order to create this image. Low prices are often equated with lower quality and mediocrity.
2. Based on the direct mail marketing materials that I have found, a lot of firms are utilizing psychological pricing in order to entice customers in buying their products. Blouses are often priced around $5.99 or $8.95 in order to have the effect of being cheaper than it really is. This pricing strategy seems to be very consistent with competing firms like Wal-Mart and even Target. However, price level is often higher in upscale stores. Retailers like Wal-Mart compete by pricing more competitively.
3. I will be interested in pursuing marketing, advertising, product, and public relations manager and market research analyst. Having been exposed to jobs which required creativity in coming up with advertising campaigns, I believe that I am already equipped with the basic know-how in coming up with creating advertisements which stirs the interest of the market. My innate ability to deal with people by being attuned to their needs will make me a good public relations manager. The second position which I would like to specialize in is market research analyst. I know that this post requires a lot of research and analysis which I believe is really challenging and exciting. Even though it seems more complicated, I am always delighted to learn something new in order to realize my full potential. I will use my previous experience of research in order to gain an insight on the different consumer trends in the market. My connection with business organizations will be put to use conducting trade interviews from industry players. Lastly, I am really very good in numbers which will greatly aid in research mathematics. Read More
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