Lots of effort goes into creating and pricing products that satisfy customers. Part of that process includes developing a brand mark and deciding on pricing.
Both buyers and sellers benefit from branding. Companies take time to develop a brand that can be recognized by consumers.
1. Click the link (Links to an external site.) and take the quiz to see how well you recognize some national and global brands.
Read through section about pricing strategies in your textbook. Think of an example for each of the following and state the specific type of product in that type of strategy.
https://www.sporcle.com/games/WorldWhiz/close_up_logos
2. Skimming Price Strategy – Name a company and specific product that fits this category.
3. Penetration Strategy – Name a company and specific product that fits this category.
4. Everyday Low Pricing (EDLP) -Name a company and specific product that fits this category.
5. High-low Pricing Strategy -Name a company and specific product that fits this category.
6. Psychological Pricing -Name a company and specific product that fits this category.
For your Post:
Number your post 1-6. For #1, based on your quiz score, state whether or not you are a person who recognizes and knows brand marks.
For #2-#6, list an example of a company that fits the pricing strategy and the type of product. All you need to put next to each number is the product that fits that pricing strategy and the type of product.
Example: 6. Psychological Pricing Strategy – Jr. Bacon Cheeseburger from Wendy’s uses this pricing strategy because the sandwich is priced at $1.99.
