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Essay / Research Paper Abstract
A 4 page memo to the president of a regional chain of convenience stores, explaining the influence of price elasticity; the price component of the “4 Ps” of marketing; and a discussion of fixed and variable costs. The memo explains the store’s experience of decreased revenues after increasing prices, and demonstrates how lower prices can reduce operating costs and increase profitability. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: CC6_KSmgmtPriceElas.rtf
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Unformatted sample text from the term paper:
Elasticity and the 4 Ps Date: As you requested, following is the analysis of whether QuickStop should consider increasing prices of its
best-selling lines. As a regional convenience store chain, QuickStop faces growing competition, which this time around does not arise only from other convenience store chains. In addition to
that source of competitive pressure, the entire industry is facing increased competition from "superstores," membership warehouse retailers and even large grocery stores that have added gasoline pumps to their parking
lots. The events of last year were not expected, but they can be explained through review of the "4 Ps" of marketing and
an analysis of elasticity of demand. QuickStop operates in an industry that can be described as operating within the definition of monopolistic competition, defined by the presence of many
sellers in a highly competitive market; independent action of firms; multiple dimensions of competition; and relative ease of entry. These qualifications describe the convenience store segment of retailing.
The 4 Ps also constitute the marketing mix. They are product, price, place and promotion; it is price that gains the greatest attention
here. Consumers typically are most interested in product, specifically quality. When there is little differentiation in product, price often becomes the differentiating factor in consumer decisions to buy.
Consumers voiced their displeasure at increased prices by reducing demand for QuickStops products last year, a reaction that can be explained by the economic law of supply and demand
that also involves the issue of price elasticity. Elasticity of Demand The law of supply and demand - as price increases, demand decreases
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