Marketing Pricing

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Introduction

This is a “thinking” exercise where it’s important for you to demonstrate your critical thinking skills.  Read about the pricing strategies in both your textbook and in this module’s content.  Demonstrate your understanding by identify and sharing examples.  Do not use the same examples already shared in our textbook reading and this module. Identify new examples.   

There are many different pricing strategies that we read about in our textbook and in this module.  I’m sure you recognized some of them as you read about them. For this assignment your job is to find examples and images representing your assigned pricing strategies below.  You’ll share the images, definitions for our assigned reading, and describe why they match the criteria for those strategies.

Instructions

  • Below are three pricing strategies assigned to you by the first letter of your last name.  Your assignment is to complete only the three strategies assigned to you.
  • Re-read the module examples and the definitions.
  • Re-read the examples in your textbook under 11.9 in the Introduction to Business and the definitions, to refresh your memory for your strategies.
  • Complete both Part 1 and Part 2 below, addressing each of the prompts.
  • Create a homework paper.  For each of your three strategies, include an image, the definition from our reading, and address both of the prompts.
  • Re-read your draft work to improve the writing. Spell check your work.  Attach and submit your paper following the instructions for this course.      

Prompts 

For each of the three pricing strategies assigned by your last name, complete both Part 1 and Part 2 below:   

Part 1 – identify three current examples/images.  One for each of the three assigned pricing strategies below. 

Find three different current examples/images of pricing, being used right now, representing each of your three assigned pricing strategies

What’s a current, original image example?  One being used right now, not one from an image repository.

  • Options:
    • share either one (1) image (.png or .jpg) each, representing each pricing strategy (earn a couple bonus points for this extra effort)
    • or provide very detailed descriptions for each strategy 
  • If you share images, you are welcome to capture them as screenshots with your computer, or take pictures with a camera or smart phone.  An image file that is either a .png or .jpg can be embedded in your homework paper.  
  • Use original images that you have captured or describe in detail what you have personally seen being used right now. 
    • Do not use the examples provided in the textbook or in our online content. 
    • Do not simply keyword search the internet for examples and images.   Keyword searching does not demonstrate your understanding or critical thinking skills. 
    • Do not use an image repository like Google, Google Images, Flickr or others.    Instead, identify examples being used today, in real life, by taking your own images, or finding them through social media, advertisements or other resources being used right now.  This should be original work, found in our everyday lives, that we might also be seeing. 

Part 2 – Definition, Description, Demonstrate Understanding

Address each of the requirements below.  Your analysis for each image/description should be 1-2 paragraphs long.  

  1. Provide the definition from our assigned reading for each of your pricing strategies. 
  2. Describe in your own words, why the example you provided fits the criteria for that strategy. 
  3. Expand your answer to demonstrate your clear understanding, knowledge and critical thinking skills.  

Work that follows the instructions and prompts has a value of up to 60 points; 20 points for each correct and complete answer for your three assignment pricing strategies.  

Work earns less if:  It is incomplete, brief or superficial, does not use correct terminology or the definitions we are studying, uses only outside resources and doesn’t include course materials, smacks of simply key word searches, or copies the content word-for-word and doesn’t demonstrate your own personal depth of thought or understanding of the topics.    

Topics assigned by the first initial of your Last Name => My last name is L

  • Last Name A – F:   Skimming, Odd Pricing (not odd-even), Demand 
  • Last Name G – L:   Dynamic, Penetration, Prestige
  • Last Name M – Z:   Loss-Leader/Leader, Bundling, Even Pricing (not odd-even)