For each recommendation, make sure to explain your reasoning and to cite one of the required background readings in support of your recommendation:
1. A company has developed a new 3D television with outstanding displays. The company has a patent on a new technology that doesn’t require glasses to see the 3D effect and has a display far better than those of any competitor’s 3D televisions. The company still has to compete with other television manufacturers, but because of the patent and superior technology it is likely to have a large advantage in the 3D television market for at least a year or two.
2. A brand new company has developed a new dishwater detergent which is comparable to other major brands in quality, but the company has developed a new manufacturing technology that over a period of time should be able to produce detergent at a cheaper cost than any competitor. The cost of the new manufacturing equipment was high, but once the equipment is paid off it should be very cheap to produce each bottle of detergent.
3. You have just opened up a new electronics shop and Apple will be releasing their latest iPhone in a few days. You are confident that once customers come into your shop they will be impressed with your large selection and knowledgeable and friendly sales staff and will become loyal customers. However, given the nearby location of Best Buy and other popular electronics shops it will be a challenge to get customers into your shop. So the first big pricing decision you have to make is what to charge for iPhones.
4. You have started a new fashion company, and your partner in this business is one of the top designers in Italy. You and your business partner’s plan is to become known as one of the premier manufacturers and designers of blue jeans in the world, and hope to have a very high end brand well known among the wealthy and fashion conscience.
Background reading:
* Paley, N. (2006). Chapter 10: Pricing for profits: Strategies to maintain premium prices and higher margins. Manager’s Guide to Competitive Marketing Strategies. Thorogood, London, GBR. [Ebrary]
* D’Antonio, L. (2012). Chapter 10: Pricing. In Bolland, E., & Fletcher, F. (Eds.). Solutions: Business Problem Solving. Abingdon, GBR: Ashgate Publishing Ltd.[Ebrary]
* Ruskin-Brown, I. (2006). Chapter 4, Part 4: The marketing mix – marketing pricing. Mastering Marketing. Thorogood, London, GBR. [Ebrary]
* Cheverton, P. (2004). Chapter 28: Price. Key Marketing Skills: Strategies, Tools & Techniques for Marketing Success. Kogan Page, London, GBR. [Ebrary]
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