Assignment:
Pricing Strategy
The science of pricing must consider company-set performance metrics. Effective pricing strategies take into account the big picture, including how the business processes affect value creation and communication.
Respond to the following:
Part 1: Apply Data to Strategy
• What type of data does the typical retailer have regarding customers?
• Compare that to retailers that track purchases with customer loyalty cards.
• How does the retailer use the data to optimally price goods in its units?
• Analyze how pricing strategies apply (or do not apply) to the classical economics theory of supply and demand.
• Discuss other factors that affect the price point purchase behavior.
This section of the paper should be 3 pages in length and use research from the library's full-text databases. Failure to use the articles will result in a lower grade for Part 1.
Part 2: Consumer Application
• Select an example of your own purchase decision, like deciding to eat out at a restaurant.
• Map all of the individuals involved in the decision-making process (parents, kids, friends, etc.), and identify their contribution to the decision process.
Part 2 of the Individual Project should be 2 pages in length. Be sure to cite your resources.
Your assignment should contain a cover page, an abstract page, and a reference page in addition to the body of the paper. The body of the paper should be 5 pages in length, starting with a brief, 1-paragraph introduction and ending with a short conclusion. The entire submission will be 8-10 pages in length.