Explain if the product is demand elastic

Reference no: EM133420765

Choose a company, brand, or product to use in distinguishing between each of the pricing strategies below. Please note that you can choose a different company/brand/product for each pricing strategy. The company, brand, or product can be from a U.S. firm, or a firm from any country that is easily researchable using Internet search engines.

Uniform Pricing Strategy
1. Identify the name of the company, brand, or product.
2. Explain if the product is demand elastic or inelastic, and why.
3. What data supports that this company, brand, or product has used this pricing strategy?
4. Do you believe this example of pricing is a best practice? That it is ethical? Explain why or why not.
5. Do you believe that the pricing strategy used by this firm increases or decreases the profits of the firm? Explain why or why not.
First Degree Price Discrimination
1. Identify the name of the company, brand, or product.
2. Explain if the product is demand elastic or inelastic, and why.
3. What data supports that this company, brand, or product has used this pricing strategy?
4. Do you believe this example of pricing is a best practice? That it is ethical? Explain why or why not.
5. Do you believe that the pricing strategy used by this firm increases or decreases the profits of the firm? Explain why or why not.
Second Degree Price Discrimination
1. Identify the name of the company, brand, or product.
2. Explain if the product is demand elastic or inelastic, and why.
3. What data supports that this company, brand, or product has used this pricing strategy?
4. Do you believe this example of pricing is a best practice? That it is ethical? Explain why or why not.
5. Do you believe that the pricing strategy used by this firm increases or decreases the profits of the firm? Explain why or why not.
Third Degree Price Discrimination
1. Identify the name of the company, brand, or product.
2. Explain if the product is demand elastic or inelastic, and why.
3. What data supports that this company, brand, or product has used this pricing strategy?
4. Do you believe this example of pricing is a best practice? That it is ethical? Explain why or why not.
5. Do you believe that the pricing strategy used by this firm increases or decreases the profits of the firm? Explain why or why not.

For each of the above responses, be sure to provide a detailed and well-supported response utilizing key terms and concepts associated with the module which meets the content requirements for completed work, and contains no spelling, grammatical, or punctuation errors

Module 4

a. Discussion Questions: Identifying and Predicting Consumer Behavior

i. Choose a company to use for this discussion. The company can be a U.S. firm, or a firm from any country that is easily researchable using Internet search engines. You may use the same company that you have used in previous discussions, or you may choose a different company.

ii. Using the web, familiarize yourself with the company (review their website as well as recent news about the company related to the company's business operations, market share, or overall profitability).

iii. Identify the name of the firm, and provide a brief description of the goods and/or services that the firm produces.

iv. If you were a manager working for the company you researched, how would you use the four ways below to identify and predict consumer behavior? Apply these specifically to the business you have researched, and discussed each of these in relationship to your company.

1. Expert opinion: How would you use this technique to identify and predict consumer behavior?

2. Consumer surveys: How would you use this technique to identify and predict consumer behavior?

3. Test marketing and price experiments: How would you use this technique to identify and predict consumer behavior?

4. Analysis of census and historical data: How would you use this technique to identify and predict consumer behavior?

b. Discussion Questions: Pricing Strategies

iii. Identify the name of the firm, and provide a brief description of the goods and/or services that the firm produces.

iv. If you were a manager working for the company you researched, in what circumstances would you use the following pricing strategies for that business?

1. Uniform pricing: In what circumstances would you use this strategy? Apply specifically to the business you selected.

2. First-degree price discrimination: In what circumstances would you use this strategy? Apply specifically to the business you selected.

3. Second-degree price discrimination: In what circumstances would you use this strategy? Apply specifically to the business you selected.

4. Third-degree price discrimination: In what circumstances would you use this strategy? Apply specifically to the business you selected.

Reference no: EM133420765

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