01 Jul New York University Develop The Pricing Strategy For The Products
Question Description
Our team aims to create a solution for the lack of nutritional food on college campuses. We seek to not only change the existing food options in the dining halls, convenience stores, and cafes on campus but also to educate students on the nutritional value of these foods. As students are becoming more autonomous when it comes to their eating choices, they often struggle to make healthy decisions. Students tend to make hasty, uneducated choices when it comes to food out of convenience and a lack of time. If we offer a system(APP) that provides them with guidance and information on a proper diet, this transition will be less tumultuous and students will be more likely to develop healthy eating habits that will last them a lifetime. Making healthy choices quicker, easier, and more obvious to students will make them more inclined to incorporate nutritionally rich foods into their diets on a daily basi
2. Price
To develop the pricing strategy for your product or service, follow these guidelines:
Step 1: Develop the Marketing Strategy – A detailed market analysis acts as a logical starting point for pricing decisions. A business follows up a market analysis with a division and definition of the market into segments each with its distinct requirements and needs. After this, a decision needs to be made regarding the desired segments to be targeted. The product and brand positioning is then based on these identified segments.
Step 2: Make Marketing Mix Decisions on 3Ps – Once the segments and positioning is somewhat in place, the marketing mix planning comes into effect. Here the product, distribution, and promotional elements are decisions to focus upon and to finalize.
Step 3: Estimate the Demand Curve – Another market analysis needs to be conducted at this point. In this one, there needs to be specific information gathered about how the price affects the quantity of the product demanded.
Step 4: Calculate Costs – A company can now get an accurate assessment of the total fixed and variable costs associated with the product. These are a necessary inputs for pricing decisions as the final price needs to at least cover these costs.
Step 5: Assess the Environment – Another vital element that feeds into pricing is the environment. This means an understanding of the competitor’s strategies, their product and its value as well as an understanding of any industry or legal constraints.
Step 6: Set Pricing Objectives – There are several objectives that a company can have from its pricing strategy. This is the point in the process that those objectives need to be discussed and agreed upon.
7: Determine Price – Using all the information collected and analyzed till this point, a company is now in a good position to set the best price for its products. A pricing method and structure can be formulated along with any possible sales promotions or discounts.
With the above guidelines, please respond to these questions:
Please help me finish these part
What is the market size of the target market that you’ve selected? Be sure to quantify this in terms of users and their annual spending on the product or service that you will provide. Include at least 3 references to support your market size assessment. Please respond in approximately 100 words (not including the references).
What are your costs to create, develop, and deliver the product or service? Please respond in approximately 100 words.
What are pricing strategies of your direct and indirect competitors? Please respond in approximately 100 words.
What is your pricing strategy for your product or service? Explain why this is the best strategy in approximately 100 words.
Retailers: Wholesalers and distributors will sell the products that they have acquired to the retailer at a profit. Retailers will then stock the goods and sell them to the ultimate end user at a profit.
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