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Essay / Research Paper Abstract
A 3 page paper discussing what a women's retail apparel company will need to know for setting prices in another city. The bottom line is that the company will need to assess the local market and match market needs with the needs of the company. Studying the area and its population provides the insight the company's management will need to be effective in addressing its pricing objectives. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSmktgPricObj.rtf
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Unformatted sample text from the term paper:
open a new young womens apparel store in a nearby city where presently there is no other location of the company. There are several actions that precede the act
of setting prices in according with four leading pricing objectives. There are many possible pricing objectives; the four selected as being primary are "1) the overall financial, marketing, and
strategic objectives of the company; 2) the objectives of" (Pricing objectives, n.d.) the product or brand; 3) consumer expectations; and 4) the resources available to the organization
One of the leading considerations is to build for the long term without sacrificing short-term gains. Porter (n.d.) warns that generally, a company or
brand many only occupy a single place in the pricing matrix: a company cannot be seen as bargain basement as well as premium quality without alienating consumers and losing customers
(Porters Generic Strategies, n.d.). Pricing in Accordance with Objectives Shahani (n.d.) warns that many business owners seek to gain immediate profits by setting
prices relatively high. This is permissible when the product is in its initial stage of its life cycle or when the company intends to be functional only for a
short time. Womens apparel does not qualify as an early-stage product, and certainly the company wants to establish itself in the new city for the long term.
Short-term revenues is an appropriate pricing objective that can increase the companys market share and reduce unit cost through selling greater quantities of items.
This is the Wal-Mart approach and works on large scale, but it likely is not entirely appropriate for the new womens apparel retail location. Quantity maximization is a related
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