Consider the Target Market, Competition, Core Strategy, and Communications & Promotions when making a decision on how pricing will be determined.WEEK 1 DISCUSSION POSTProvide a brief introduction of the company with which you are working.Discuss what pricing objectives you would consider for your product/service. Identify the pricing objective and strategy you will ultimately choose and explain why.This post should be 3 paragraphs in length (300 words). Since you are engaging in research, be sure to cite and reference the source(s) in APA format.WEEK 2 INTERACTIVE RESPONSES TO CLASSMATES1st Interactive Response:Select one student’s pricing decision post. Is it supported by solid rationale? Would you make a different decision?he company that I work for is Motocross which concentrate on the manufacture motorcycles. The company manufacture different motorcycle that meets the needs of the different social groups such as age, ethnicity, locations, purchasing power and professions. The primary aim of the company is to manufacture bikes that are effective, reliable and able to meet the needs of the different customers. The company further uses Customer Relationship Management (CRM) to ensure that customer satisfaction is achieved (Li, Zhu, Jiang, & Li, 2016). The use of the system assists the business to consolidate the records of their customers in the various department of the firm and offer key information in a cohesive manner. The goal of the business is to enhance its success not only locally but also to appeal to the international markets.The pricing strategy that the Motocross Company will use the competitive price strategy on its commodities. This is not to mean that the company will focus on the use of this approach at the expense of the quality of the products that they develop. It is explicit that the products of Motocross Company will focus on the process of developing the products that have the best price on the performance ratios across the globe (Mehra, Kumar, & Raju, 2017). The product price variation is inclined to the commodity’s power and type. Through the process of using the pricing, it is important to state that some special forms of financial options of the company are provided hence giving the prospective customers with the psyche to purchase the products of the company.In using the competitive pricing strategy in the company, the purchasing power of the customers is an essential criterion. Some of the key aspects that the company ought to focus on consists of the total costs, the existing competition, and price sensitivity. To ensure that the profit margins of the company will be retained, it will be vital to set the right prices that will cover the cost of manufacturing and the overhead costs of the company.2nd Interactive Response:Select another student’s pricing decision post. Is it supported by solid rationale? Would you make a different decision?The company, in this case, is known as Smart Share, which sells an application that enables users to transfer data. The company’s product enables users to share multimedia files while both online and offline. One feature that differentiates the product with others is that it is compatible with almost every consumer device that can receive and share information. Smart Share application is a very convenient application for users in the information system industry. The company primarily targets innovators, thinkers, and strives. These are individuals who need a channel to transfer data. Smart Share needs to identify pricing objectives to help it sell the product to its target customers. The pricing techniques must be convenient for both parties to ensure that there is maximum satisfaction.There are ways in which the company can improve the perceived value of the customers. One of the most effective methods is to appeal to the customers’ emotions. This strategy calls for research into the things that are likely to impress the customers. One of the ways to appeal to the emotions of the customers is to practice conscious capitalism (Winsky, 2019). This technique refers to conducting business while engaging in corporate social responsibility. A study shows that at least 90 percent of customers are likely to switch to brands that support a cause (Winsky, 2019). A company such as Smart Share can engage in activities aimed at supporting the less fortunate in society. This technique appeals to the emotions of the customers who are likely to respond by purchasing more products from the company.When it comes to psychological motives, every customer is considered different in their own way. Each customer views themselves differently. The way a customer view themselves as a result of their personalities, shape their needs and wants (Callwood, 2015). The needs and wants are shaped by what a customer considers value. It is important for businesses to identify the differences between the customers’ perceptions of value (Callwood, 2015). What may be considered high value by one customer may be a low value for another. Studying the differences between the customers’ perceptions may help the Smart Share Company to create a successful marketing campaign.The personality of an endorser refers to the stable organization of a seller’s world that is stable for a particular period. A strong and unique personality of a marketer or a seller is essential in developing multidimensional relationships with the customers (Banerjee, 2016). As the endorsers become serious about developing a strong personality, they must carry out thorough research on the relationship between brand preference and corporate personality (Banerjee, 2016). The personality of a company can influence the personality of its customers and this shapes the emotional benefits of the product.Each reply should be one paragraph in length (or about 75 words) and must be substantive in nature. Do not simply say “I agree” or “That is great.” Specify why and be detailed in your explanation. You may use research in your responses, but it is not required.Perceived ValueNot all benefits or costs can be quantified in dollars. A product’s aesthetic appeal, extra technical support, and reputation are harder to quantify in economic terms, yet they can have a profound impact on customer perceptions of value.WEEK 2 DISCUSSION POSTProvide a brief introduction of the company with which you are working.Discuss ways you can improve perceived customer value.Analyze how psychological motives help shape emotional benefits and customer perceptions of value.Analyze how the personality of an endorser shapes the emotional benefits of the product.This post should be 200-300 words in length. Since you are engaging in research, be sure to cite in the body of the post and add a reference list in APA format.
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