12 May EXPLAIN THE ROLE OF PRICING WITHIN THE MARKETING MIX
This assignment asks you to apply your learning about the marketing mix, in particular pricing, along with supply and demand to the airline industry. The task accounts for 10% of your marks in Phase 2.
Learning Objectives
This task will help you:
• To recognise the concept of the business organisation operating within the parameters of a changing external environment.
• To demonstrate an awareness of current issues, facts and events in the national and international business world
• To collect, evaluate and use information from published sources to assess a problem, select the most relevant information and use it to propose solutions
• To write in report format to communicate a variety of business topics
• To write an academic essay with appropriate referencing
The Task
You are to write an essay in three parts to cover the points listed below:
1. Explain the role of pricing within the marketing mix (500 words)
2. Visit the Ryanair web site and check the price of a one week return ticket from London (Luton) to Dublin for each of the following: –
a. Leaving tomorrow
b. Leaving in 1 week’s time
c. Leaving in 1 month’s time
d. Leaving in 3 month’s time.
Print out your prices from the website and explain any differences that occur during the day and between the different departure dates. Use a graph to illustrate this. (500 words)
3. Visit the British Airways website and check the prices from London (Gatwick) to Madrid, for the same departure times.
Compare and contrast the pricing strategies of Ryanair and British Airways on the London to Dublin routes. (500 words)
Resources
• Lecture on pricing.
• Chapter in your textbook on pricing.
• Lecture on supply and demand.
• Pod activity on pricing in Phase 2 Week 5.
• Video on the economist’s view of pricing.
• Lecture on writing essays.
• Lecture on referencing and material on BREO about correct referencing.
• Feedback on previous work, particularly on case studies, will be useful.
What are we looking for?
The best answers will show most or all of the following:
• Answers which clearly address each of the main points.
• Correct identification of the trip for which you are asked to find prices.
• Correct and appropriate graph.
• An understanding of how the theory of supply and demand is demonstrated in the pricing of these trips.
• An understanding of the role of pricing in the marketing mix and an ability to apply this understanding to Ryanair and British Airways.
• Good understanding of the mechanisms and strategies Ryanair employs for setting prices.
• Accurate and complete referencing.
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