Book link: https://b-ok.cc/book/3413317/3a3ecb
Must use at least 2 citation from Chapter 19
Word count :300
In this study, we will apply our understanding of pricing strategies and their impact on consumer decisions in a field study of prices presented at a local retail store or an online store.
Assume you are part of a marketing consulting team, and your task is to assess competing firmsâ€™ pricing strategies to get a feel for market demand within the retail industry. Assume several retail stores that you frequent or several online/mobile retail sites/apps that you use represent the competitors you will be assessing. Review the stores/sites/apps to compare pricing of different products/services to find
different examples of most or all of the following pricing tactics:
- – quantity discounts
- – cumulative quantity discounts
- – seasonal discounts
- – rebates
- – zero percent financing
- – price-matching
- – price lining
- – charm pricing / psychological pricing (.99 pricing)
- – price bundling (product option pricing)
- – pay what you want pricing (price bidding)
- – payment method pricing (credit card / cash)
- – two-part pricing (product + professional service pricing)
- – freight absorption (delivery option) pricing
- – captive product pricing
- – loss-leader pricing
- 1) Visit several retail stores, preferably stores that are not busy and display prices clearly. Alternatively, visit mobile shopping apps or online shopping sites. You can also look at a mix of physical retail stores and mobile/web shopping retailers. If possible, ask store managers if you can snap pics of some product displays for a Marketing class assignment (assure them you will not share the photos outside of your Marketing class and not include any customers in the photos).
- 2) Observe prices of different products/services in the stores/apps/sites you visit, taking photos of prices that show the above listed pricing tactics. For mobile or online retailers, take screenshots of the prices you view.
- 3) Find examples of at least 7 of the above pricing tactics, making sure you have a photo or screenshot of each CLEARLY showing the price(s).
- ï‚· Cite all photos using proper APA in-text citation format for citing your own digital photography works.
- ï‚· Cite screenshots as if they are your own photos (use the same format as citing your own photos).
- ï‚· DO NOT JUST BORROW PHOTOS FROM ONLINE SOURCES – You must take your own photos or screenshots for this assignment, and the date of your photos/screenshots must be clearly presented in your in-text citations under each photo/screenshot so that your professor can verify if needed.
4) Compile your photos/screenshots into a paper in which you include with each photo/screenshot a short paragraph that
o describes the product/service the price showing in the photo/screenshot refers to in a few words
o re-states the listed price (and associated conditions if any) in a few words
o identifies the name of the retailer where the product/service is offered
o clearly names the pricing tactic
o briefly (one sentence) offers your opinion of whether or not this pricing tactic works
for this retailer and this product/service.
5) Add your name and title to the top of the first page, followed by a short introduction sharing when and how you collected the photos/screenshots and information for this assignment, and include a references section at the end showing where you gathered information on the pricing tactics. Thus, you will format your paper as:
- Introduction â€“ the assignmentâ€™s purpose, where and how photos/screenshots and information were collected for the paper.
- Photo/screenshot showing first pricing tactic example
- Photo/screenshot showing second pricing tactic example
- Photo/screenshot showing third pricing tactic example
- Photo/screenshot showing fourth pricing tactic example
- Photo/screenshot showing fifth pricing tactic example
- Photo/screenshot showing sixth pricing tactic example
- Photo/screenshot showing seventh pricing tactic example
- References â€“ full APA citations for sources on pricing tactics (probably including a citation for our course textbook
Cite your own photos , put your citation directly under each photo (not as a reference or footnote), and cite it like this: Figure 1. Skywalker, L. (2019, Dec. 3). Captive Product Pricing at Walmart in Eugene [Digital Photograph]. For this assignment, you can use the same format for screenshots, but list the format at the end as [Screenshot].