MKT362 Pricing Assignment Sample SUSS Singapore

The ability to make strategic pricing decisions will help you drive sustainable growth. In this course, we’ll learn proven concepts and techniques that can empower your company’s bottom line by positively impacting customer value perception as well as motivations for purchase (and less spending on discounting). We also introduce students to emerging analytics methods like modelling consumer segmentation; measuring price sensitivity across different market segments so our managers can form more optimal revenue strategies–all while optimising profit margins. You’ll leave this course with a toolbox of modern pricing strategies so you can take your company to the next level.

This course is designed for marketing managers, product managers, and anyone who wants to learn how to use pricing strategy to drive growth. By the end of this course, you’ll be able to:

• Understand the role of pricing in the marketing mix
• Develop a customer-centric pricing strategy
• Understand how to measure and optimize customer value
• Analyze market segments to identify opportunities for growth
• Use analytics to model consumer behaviour and make informed pricing decisions
• Implement modern pricing strategies to drive sustainable growth for your company.

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Assignment Task 1: Develop a deep understanding of conceptual frameworks and techniques for making strategic pricing decisions

Some several conceptual frameworks and techniques can be used to make strategic pricing decisions. 

One popular framework is value-based pricing, which takes into account the perceived value of a product or service to price it accordingly. This approach can be used to maximize revenue or profits, by charging prices that reflect the true value of the offering. 

Another common technique is cost-based pricing, which looks at the costs incurred in producing a good or service to price it accordingly. This approach can help ensure that prices are fair and reasonable, and cover all associated costs. 

When making strategic pricing decisions, it’s important to consider both the short-term and long-term impact of those decisions. For example, a decision to deeply discount a product to gain market share may have short-term benefits but could erode profitability in the long run. 

Ultimately, the best pricing strategy is the one that aligns with the overall business goals and objectives. By taking a strategic and thoughtful approach to pricing, businesses can ensure that they are maximizing their revenue and profits.

Assignment Task 2: Differentiate how various pricing practices are used in different markets, products and services

There are a few different types of pricing practices that can be used in different markets. Here are a few of the most common ones:

1. Fixed price: This is where a company sets one price for a product or service and does not change it, regardless of the customer’s location or purchasing power.
2. Variable price: This is where prices vary depending on the customer’s location or purchasing power. For example, companies might charge more in developed countries than in developing countries, or they might offer discounts to customers who buy in bulk.
3. Price discrimination: This is where companies charge different customers different prices for the same product or service, based on their ability to pay. For example, airlines often charge business travellers more than leisure travellers, because business travellers are generally willing and able to pay more.
4. bundling: This is where companies sell products or services together at a discounted price. For example, a cable company might offer a discount if you sign up for both TV and internet service.

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Assignment Task 3: Discuss how pricing decisions are enabled by data-driven pricing analytics

Pricing decisions are critical for any business, and data-driven analytics can be a powerful tool to help inform those decisions. By understanding historical pricing data and trends, businesses can make more informed decisions about what to charge for their products and services.

Additionally, data-driven pricing analytics can help businesses understand how different customer segments value their products and services. This insight can be used to tailor pricing strategies to particular segments, resulting in increased revenue.

Finally, data-driven analytics can also help businesses identify opportunities for dynamic pricing – that is, charging different prices based on real-time conditions such as supply and demand. This approach can help maximize profits by taking advantage of fluctuations in the marketplace.

In short, data-driven pricing analytics can be a valuable tool for any business looking to optimize its pricing strategy. By understanding historical data, customer segmentation, and market conditions, businesses can make more informed decisions that result in increased revenue.

Assignment Task 4: Recommend appropriate pricing strategies based on market segments, customer sensitivity, competition environment, ethical and legal constraints

It depends on the market segments, customer sensitivity, competition environment, and ethical and legal constraints. In general, a company should charge as much as the market will bear without violating ethical or legal constraints.

If a company can identify price-sensitive customers, it may be advantageous to offer lower prices to these customers. However, if there is significant competition in the market, it may be necessary to charge higher prices to remain competitive. Additionally, companies must ensure that their prices are within the bounds of the law and comply with any applicable regulations.

It is important to consider all of these factors when developing pricing strategies to ensure that the company can maximize profits while remaining competitive and compliant with the law.

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Assignment Task 5: Employ the process of making pricing decisions and apply an innovative analytics approach for setting prices

There are a few different pricing approaches that you can use when setting your prices. The most common are cost-based pricing, market-based pricing, and value-based pricing.

Cost-based pricing is when you set your prices based on how much it costs you to produce or provide the product or service. Market-based pricing is when you set your prices based on what other businesses in your industry are charging for similar products or services. And value-based pricing is when you set your prices based on how much the customer perceives the product or service to be worth.

When deciding which approach to use, you’ll need to consider a few things, like how well your business knows its costs, what type of competitive environment you’re in, and what kind of value your product or service provides.

Once you’ve decided on an approach, you can start to use some innovative analytics techniques to help you set your prices. For example, price elasticity analysis can help you understand how sensitive customers are to price changes so that you can make pricing decisions that maximize your revenue.

Assignment Task 6: Assess pricing strategies

A price strategy is a strategic plan to price a new product or service. The goal of a pricing strategy is to optimize prices to ensure the objective of the business is achieved, whether it be maximizing profit or minimizing losses. 

There are different types of pricing strategies businesses can implement, such as penetration pricing, skimming pricing, and prestige pricing. The most common and effective approach depends on the objective of the company and the products or services being offered. 

Penetration Pricing: Penetration pricing occurs when businesses set a low price for their goods or services to gain market share. This strategy is often used when launching new products or entering new markets. The reasoning behind this approach is that customers are more likely t​try a new product or service if it is priced lower than similar offerings from competitors. 

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