Price, Place, and Technology
Part 1. Answer the following questions, within 100 words minimum
- How select distribution channels appropriate for a small business opportunity.
- How create a pricing strategy for an entrepreneurial opportunity.
- Identify the use of technology for marketing an entrepreneurial venture.
Chapter 13 Price Components and price Constraints
- Thinking of the small business you are now running (Electrical Contractor), Explain, what makes up your price (components of price as discussed in Ch 13)
- what are some of the price constraints for that business?
Chapter 14 Price Strategy
- Thinking of the small business you are now operating (Electrical Contractor), choose the best price strategy (from those discussed in Ch 14) that best suits your business
- Explain, why it is the best strategy.
- We, as consumers, are subject to all sorts of psychological pricing strategies, from buy one get one free to thinking $1,500 is so much nore than $1,499.99. This link provides some timeless strategies to help boost sales. Please chose any two of the 10 provided and discuss how you will use that for your small business venture.
Part 2: Brand Management, Part I
The purpose of this assignment is to help you create and justify pricing for your product and service while keeping the motives of your competition in mind.
Review the Electronic Reserve Readings article “Practical Pricing is Key” by Gooch.
Create a presentation that is at least 10 slides in length.
Note: You can use a presentation format of your choice including, but not limited to: Microsoft® PowerPoint®, infographics, or word documents with visuals.
Include the following in your presentation:
- Compare and contrast the various pricing practices discussed.
- Explain the technology under consideration for your business.
- Evaluate the distribution channels that you propose using.
- Identify key issues related to pricing in your industry, and explain how your pricing strategy will affect your business.
- Rate the attractiveness of your industry as a business opportunity.
- Create general recommendations that might apply to any competitor when pricing is in question.
Part 3: Business Market Analysis, Part II
Congratulations! Your Shark Tank panel of financial investors has moved you to the next round. The panel is interested in your business, but has additional questions that must be answered
Create a 25-slide presentation in a format of your choice (e.g. Microsoft® PowerPoint®, infographics, or word documents with visuals) in which you address the following:
- Provide a brief summary of your product or service. (Electrical Contractor)
- Explain your value proposition.
- Outline your marketing, technology, and labor costs.
- Describe your pricing strategy.
- Estimate the amount of product or service you plan to sell.
- Analyze your value proposition, costs, pricing, and volume against your competitors.
- Answer the potential questions from your financial investor panel :
- What is your price?
- How did you arrive at that price?
- Why do you think you can make any money at that price?
- What are your manufacturing/resources costs?
- What are your distribution channel costs?
- Add persuasive information to justify your answers.