Use US English Using The Internet Or Strayer Databases Analy

Use Us Englishusing The Internet Or Strayer Databses Analyze Pricin

Use US English!! Using the Internet or Strayer databses, analyze pricing techniques for established products and services. Next, select and explain the pricing strategy you would use for a business. Within your response, you should also identify three (3) objectives this strategy seeks to achieve. Discuss three (3) strategies you could use for the development of a successful website to support a new business. Be specific in stating how these strategies will help the company achieve its goals.

Paper For Above instruction

Introduction

Pricing strategies are fundamental to the success of both established and new businesses. For established products and services, companies often employ a variety of pricing techniques to maximize profits, capture market share, and position their offerings effectively. When launching a new business, selecting an appropriate pricing strategy is critical to attract customers, sustain operations, and achieve growth objectives. Additionally, developing a compelling website is essential for digital presence and customer engagement, with specific strategies enhancing the company's ability to succeed online.

Pricing Techniques for Established Products and Services

Pricing techniques for established products and services are diverse and tailored to market conditions, competition, and consumer behavior. Common strategies include cost-plus pricing, where a markup is added to the production cost; value-based pricing, which sets prices based on perceived customer value; and competitive pricing, where prices are aligned with competitors’ offerings (Kotler & Keller, 2016). Penetration pricing, involving setting a low price to gain market share, and premium pricing, which emphasizes high quality and exclusivity, are also frequently employed (Nagle & Müller, 2017).

For example, tech companies often use value-based pricing to reflect the innovative features and perceived benefits of their products, while mass-market retailers may adopt competitive pricing to attract price-sensitive consumers (Osterwalder & Pigneur, 2010). Price skimming is another technique, where high initial prices are maintained to maximize early profits from early adopters before gradually lowering the price (Baker & Powell, 2014).

Selected Pricing Strategy for a New Business

For a new business entering a competitive market, I would choose a penetration pricing strategy. This approach involves setting initial prices低 than competitors to attract customers quickly and establish a foothold in the market. Penetration pricing aims to stimulate demand, build a customer base, and gain market share rapidly (Monroe, 2003). Once the business gains recognition and customer loyalty, prices can be increased gradually.

The primary objectives of this strategy are: 1) to attract a large customer base swiftly, 2) to discourage competitors from entering the market due to lower entry prices, and 3) to achieve economies of scale that lower costs as sales volume increases. These objectives support the growth and sustainability of a new business by fostering early adoption and establishing a competitive presence.

Strategies for Developing a Successful Business Website

To support the launch and growth of a new business, three strategies for website development are essential:

1. User-Centric Design

Creating an intuitive and engaging website layout focused on user experience encourages visitors to stay longer and increases conversion rates. A responsive design ensures accessibility across devices, accommodating mobile users, which constitute a significant portion of online traffic (Nielsen, 2019). Implementing simple navigation and clear calls-to-action helps visitors find what they need quickly, reducing bounce rates and enhancing customer engagement.

2. Search Engine Optimization (SEO)

Optimizing the website for relevant keywords enhances visibility in search engine results, attracting organic traffic. High-ranking websites establish credibility and increase the likelihood of conversions (Fishkin, 2015). Effective SEO strategies include quality content creation, technical optimization, and link-building, all of which improve online presence and drive targeted traffic to support sales and brand awareness.

3. Content Marketing and Social Proof

Developing valuable content such as blogs, videos, and testimonials builds trust and authority in the industry. Sharing success stories, reviews, and user-generated content serve as social proof, encouraging potential customers to choose the business (Lee & Carter, 2018). This strategy not only enhances brand loyalty but also fosters a community around the brand, supporting long-term growth.

Conclusion

Effective pricing strategies are vital for the growth and sustainability of both established and new businesses. A penetration pricing strategy aligns well with the objectives of attracting early customers, discouraging competitors, and achieving economies of scale. Complementing pricing strategy with a well-developed website—focused on user experience, optimized for search engines, and enriched with engaging content—significantly enhances a company's ability to reach and serve its target audience. When integrated effectively, these elements create a formidable foundation for business success in today's competitive digital landscape.

References

• Baker, M. J., & Powell, R. (2014). Marketing Strategy and Management. Macmillan International Higher Education.
• Fishkin, R. (2015). The Art of SEO: Mastering Search Engine Optimization. O'Reilly Media.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Lee, K., & Carter, S. (2018). Critical Perspectives in Marketing. Routledge.
• Monroe, K. B. (2003). Pricing: Making Profitable Decisions. McGraw-Hill Education.
• Nagle, T., & Müller, G. (2017). The Strategy and Tactics of Pricing: A Guide to Profitable Decision Making. Routledge.
• Nielsen. (2019). The Impact of Responsive Web Design on User Experience. Nielsen Norman Group.
• Osterwalder, A., & Pigneur, Y. (2010). Business Model Generation. Wiley.
• Smith, J. (2020). Pricing Strategies for Competitive Markets. Harvard Business Review.
• Wilson, R. M., & Gilligan, C. (2012). Strategic Marketing Management: Planning, Implementation, and Control. Cengage Learning.