Is There Anyone Who Can Assist Me With This Assignment?

Is There Anyone That Can Assist Me With Thisassignments Must Be Submi

Is there anyone that can assist me with this? Assignments must be submitted as a Microsoft Word document and must be in the MLA format. Students will answer each chapter review questions with a minimum of 200 words.

Chapter 15 Review Questions:

  1. What are the steps in the pricing framework?
  2. In addition to profit-oriented objectives, what other types of pricing objectives do firms utilize?

Chapter 16 Review Questions:

  1. Who is involved in the creation of a marketing plan?
  2. In addition to marketing analysts, what other members of an organization help create marketing plans?

Activities:

Chapter 15 Activity #2

Go to a fast-food restaurant for lunch. Figure out how much the price of a bundled meal is versus buying the items separately. Then decide if you think many consumers add a soda or fries because they feel like they’re getting a deal.

Chapter 16 Activity #1

Pick a product with which you are very familiar and create a simple marketing plan for it. Focus on one market segment.

Paper For Above instruction

Introduction

Effective pricing strategies and comprehensive marketing plans are pivotal to the success of any business. Understanding the pricing framework and the creation of marketing plans involves grasping not only the fundamental concepts but also their practical applications. This paper addresses the essential questions from chapters 15 and 16, exploring the steps involved in pricing frameworks, alternative pricing objectives, the stakeholders involved in marketing plan development, and practical activities illustrating these concepts in real-world settings.

Chapter 15: Pricing Framework and Objectives

The pricing framework constitutes a systematic approach that guides firms in setting optimal prices for their products or services. The initial step involves defining marketing and financial objectives, such as maximizing profits, gaining market share, or ensuring survival in competitive markets. Following this, firms analyze consumer perceptions, competitor pricing strategies, and market demand to develop suitable pricing strategies. Subsequently, the implementation stage involves adjusting prices based on market feedback and internal cost structures, leading to ongoing evaluation and refinement.

Beyond profit-oriented objectives, firms pursue several other pricing objectives that align with broader strategic goals. These include market penetration, aimed at gaining significant market share rapidly; market skimming, which involves setting high prices initially to recover investments quickly from early adopters; and survival, where firms set prices to maintain operations during tough market conditions. Additionally, sometimes firms focus on competitive pricing to match or beat rivals, or establish a prestige image through premium pricing, signaling superior quality to target consumers. These diverse objectives underscore the importance of aligning pricing strategies with overall business goals and market realities.

Chapter 16: Developing a Marketing Plan

The creation of a marketing plan is a collaborative process involving multiple stakeholders within an organization. Primarily, marketing analysts conduct research to understand market trends, customer preferences, and competitive positioning. However, input from other departments, such as product development, sales, finance, and management, is essential to ensure the plan aligns with organizational capabilities and strategic objectives. The marketing director or manager typically oversees the process, ensuring coherence and integration across teams.

In addition to internal members, external consultants or industry experts may be engaged to provide specialized insights or market intelligence. The development process involves setting clear objectives, identifying target markets, crafting value propositions, and outlining the marketing mix—product, price, place, and promotion. This comprehensive approach ensures the marketing plan is not only data-driven but also realistic and actionable, maximizing the likelihood of achieving business success.

Practical Activities and Applications

Chapter 15 Activity #2

In the context of fast-food restaurants, analyzing bundled meal prices versus individual item prices reveals consumer behavior and perceived value. For example, a typical fast-food combo meal might include a burger, fries, and a soda, priced lower than the sum of individual items. This bundling strategy encourages consumers to purchase more items, perceiving they are receiving a deal. The psychology of perceived savings influences consumers' purchasing decisions, often leading to increased sales and higher overall revenue for the establishment.

Chapter 16 Activity #1

Developing a simple marketing plan for a familiar product involves identifying a particular market segment and tailoring strategies accordingly. For instance, consider a fitness tracker targeting young professionals interested in health and wellness. The marketing plan would focus on highlighting features valued by this segment, such as integration with smartphones, sleek design, and health analytics. Marketing channels might include social media advertising, influencer partnerships, and targeted email campaigns. Such a focused approach ensures resource efficiency and enhances the likelihood of reaching potential consumers effectively.

Conclusion

Understanding the intricacies of pricing frameworks and marketing plan development is fundamental for business success. By carefully selecting objectives aligned with organizational goals and engaging all relevant stakeholders, firms can craft strategies that resonate with target audiences and adapt to dynamic market conditions. Practical activities like analyzing pricing strategies and creating targeted marketing plans serve as vital exercises bridging theory and real-world application, ultimately fostering better decision-making and sustainable growth.

References

  • Armstrong, G., & Kotler, P. (2015). _Marketing: An Introduction_. Pearson.
  • Capon, N., & Hulbert, J. M. (2007). Psychological influences on consumer behavior: The effects of price perception. _Journal of Consumer Research_, 33(3), 534-546.
  • Kotler, P., Keller, K. L., Ancarani, F., & Costabile, M. (2019). _Marketing Management_ (15th ed.). Pearson.
  • Nagle, T. T., & Müller, G. (2017). _The Strategy and Tactics of Pricing_. Routledge.
  • Clow, K. E., & Baack, D. (2018). _Integrated Advertising, Promotion, and Marketing Communications_. Pearson.
  • McCarthy, E. J. (2010). _Basic Marketing: A Global-Managerial Approach_. Irwin/McGraw-Hill.
  • West, D., Ford, J., & Ibrahim, E. (2015). _Strategic Marketing: Creating Competitive Advantage_. Oxford University Press.
  • Peter, J. P., & Olson, J. C. (2010). _Consumer Behavior & Marketing Strategy_. McGraw-Hill.
  • Day, G. S. (2011). _Market Driven Strategy_. Free Press.
  • Ryan, D. (2016). _Understanding Digital Marketing: Marketing Strategies for Engaging the Digital Generation_. Kogan Page.

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