pricing strategies in action. pricing strategies in action. This week you learned about the three core pricing strategies: penetration, neutral, and skim. Now we’re going to examine those pricing strategies in action. Hope you’re hungry, because you’re going to be looking at a lot of pizza.
In this interactivity, you’re going to briefly recap the three pricing strategies, use them to classify the major pizza chains based on exploring the online ordering process and then answer a few related questions. So let’s dig in!
Re-familiarize yourself with the three main pricing strategies
Review section 5.2 in the text as needed.
Research actual pizza pricing
Visit each site, identify your location and simulate an order.
Price out a medium cheese or pepperoni pizza.
Proceed to payment stage, observing the selling process.
Record your pizza choice and final price (minus tax).
Execute your purchase as you see fit.
Note: One brand doesn’t offer online ordering. Poke around their website for an online menu or consult fastfoodmenuprices.com.
Create a forum post that includes the following:
A brief description of the three pricing strategies (from least to most expensive).
Your research driven price strategy classifications of the five brands.
For any pricing strategy where you have multiple brands, rank them from least to most expensive.
Include the kind of pizza you priced out, your recorded prices and any other pertinent notes.
Your classifications may differ from others. That’s okay.
Your answers to the following questions:
Did your perception of these chains’ pricing strategies change based on this exercise? If so, how?
Based on this exercise, identify three factors that complicate price comparisons.
For you, which of these chains represents the greatest value and why? Explain how each of the Ps contributes to your answer.
Discussion 2 (1 page)
IMC Campaign Stories
One Message, Many Media: Integrated Marketing Campaigns
In this interactivity, to examine integrated marketing in action, you’re going to tell the Storify story of a particular campaign from your internship brand across multiple media. We want to know what unifies the campaign and how the unique nature of each medium is being utilized (or underutilized if you feel so). And we want to hear if you think the campaign is effective or not and why.d then answer a few related questions. So let’s dig in!.
Check out our sample Twix campaign storify for inspiration.
Note: you only need to include three media in your Storify. We overachieved.
Identify a significant marketing campaign from your internship brand.
Find one that was supported across multiple media (e.g, TV, print, website, banner ads, etc.).
How to identify and research major marketing campaigns?
Search the web or major advertising publications (Adweek or AdAge) for articles about your brand’s advertising campaigns.
Check your brand’s Twitter feed for recurring ad messages.
Find campaign executions for at least three different media
Search for links you can include in your Storify story. Where? See our advertising creative finder for suggestions by media type.
Create a new storify story containing the following elements:
Title and subtitle
Headings for the three media you’ve found
For each medium, a brief description of how it is being used, focusing on what it can do that other media cannot.
A final paragraph summarizing what unifies the campaign and whether or not you think it’s effective and why.
Reference our example and our Storify tutorial as needed
Post your Storify link to the forum below
Discussion 3 (1 page)
Finding and Targeting Your People
Geodemographic Segmentation: Finding Your People
Geodemographics is a common and effective means to segment potential customers. Leveraging both demographic (e.g., gender, age, income, marital status) and psychographic (e.g., habits, hobbies, spending habits, values) data, households can be classified into segments and the relative attractiveness of these segments for your product or service can be determined.
In this interactivity, you’re going to take a geodemographic system (Prizm Premier) and determine which segment best describes you. Then, exploring map data, you’ll assess how common your segment is for where you live and where you could live amongst more people like yourself! Finally, with knowledge of your segment’s profile, you’re going to suggest a promotion for your internship brand targeted specifically to your segment.
Begin by perusing the Prizm Premier interactive tutorial.
You’ll note there are 68 segments. Fortunately these are broken into 11 lifestage groups that provide a more manageable starting point.
Visit the Prizm Premier Lifestage Groups page and determine the following:
The lifestage group and segment that best matches you
How common your segment is where you live
Where you could move to find more of "your people"
How to do all that? Our step by step Prizm Premier Tutorial reveals all.
Create a promotion from your mentor marketer to target your segment.
Imagine you’re executing a targeted promotion. Tell us the product or service and deal that you will pitch your segment and justify its appeal.
Feel free to package products or services together.
Publish a post to the forum below containing the following…
Your Premier Prizm lifestage group
Your Premier Prizm segment and the characteristics driving your choice
The “popularity” index of your selected segment where you live
The high indexing area for your segment that you’ve chosen and its value. Tell us what town is in your county that we might have heard of (or any other attraction).
Your segment specific targeted promotional offer and rationale
Discussion 4 (1 page)
Foreign Market Entry Podcast
As you are likely aware, your internship brand doesn’t just do business in the U.S. So, in this interactivity, we’re going to research their past entry into a foreign market. But rather than writing about it, we’re going to talk about it — by creating a short podcast.
Identify a specific country to analyze your brand’s entry into
First identify the countries your mentor marketer does business in. Or did. Check out the corporate website. Or the latest annual report.
Then search your brand in business periodicals such as Forbes in conjunction with country names or terms like “foreign” or “international.” See which markets have been written about and select one.
Research your chosen market to answer these questions:
When did your mentor marketer enter this foreign market?
What specific challenges did entering this market present? (e.g., cultural norms, language barriers, local competition, government regulations, economic conditions, etc.). Identify at least three.
What changes were made to the marketing formula in entering this market? What other changes were needed? Cite at least three examples, linking each one to a marketing "p." You can repeat "Ps" more than once.
How successful was the entry into this market? Is the brand still in the market?
Identify and create proper APA citations for 3+ different sources.
Try to explore different types of sources (periodicals, videos, annual report, etc.). Tap the Forbes archive and other Ashford University resources as needed.
As you will be creating a podcast, in-line citations are not required, but you will need to document your sources.
Script (or at least outline) for your podcast.
Be sure to introduce yourself and identify your mentor marketer and the relevant market before answering the questions above.
Record your podcast with SoundCloud.
SoundCloud provides the means to record and share a link for free.
Consult our step-by-step Creating Your Soundcloud Recording tutorial.
Post your podcast link and APA formatted sources to forum below.
Listen and react to three peer podcasts.
Which P do you think was the most important factor in the failure or success of the market entry they described? Why?
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