Pricing of Products and Services Research Essay
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Pricing of Products and Services Research Essay
Pricing, Products, Services, Research, Essay
Which is more detrimental to a firm, pricing your product or service too high, or pricing your product or service too low?
Your original response is due by 11:55 pm EST on Sunday, and then reply to another student’s post by Sunday at 11:55 pm EST. The required length for your original posting is 350 words, and your reply should be a minimum of 250 words.
1st student reply (Mayur Chaudary) :
Pricing of products and services
Pricing of products is one of the issues encountered in the operation of businesses. Some business entities set higher prices than what is offered in the market while others may set prices lower than what is offered. Some of the act as far as pricing is concerned are detrimental to the operation of a firm.
In my opinion, pricing a product or a service too low has a more detrimental effect on the operation of an organization than setting such prices too high. Sometimes, business owners are misled and believe that setting prices too low will improve the operations of an organization.
However, that is not always the case. Pricing products and services too low have a disastrous impact on the organization (Nagle & Müller, 2017). In most of the cases, consumers always go services worth the payments they came. In a scenario where the price is too low, goods and services will be perceived to be cheap, and it may drive away customers.
End users are not willing to look for services or goods from the organizations they believe that they offer cheap services which they believe that they might to be quality enough to meet their needs. It is also setting prices too low may lead to reaching a point where they give away products at a loss.
Every organization aims to make profits and cater to all its needs (Nagle & Müller, 2017). In the event they sell products and provide services and low cost, they may end up using more finances in producing goods but later get losses. A business entity, therefore, needs to be cautious when setting its prices. Proper price setting for goods and services is essential as it plays a significant role in improving the profitability and acceptability of an organization in the market.
The setting of products and services prices too low is detrimental to the normal operations of a business entity. It is essential for an organization to pay a lot of concentration when setting prices for their goods and services. The process tells whether the organization will continue operating or no as poor pricing may lead to failure as well as the closure of a business operation.
Nagle, T. T., & Müller, G. (2017). The strategy and tactics of pricing: A guide to growing more profitably. Routledge.
Marketing MO. (n.d.). Pricing Strategy. Retrieved from Marketing MO: http://www.marketingmo.com/strategic-planning/how-to-develop-a-pricing-strategy/
2nd Student (Kiranmeyee gummadi):
One of the keys to achievement in a business is the suitable pricing of the facilities. Defensibly pricing properties and this will recover frequently sell, provided that the foundation for a money-making commercial. Get a pricing plan incorrect and container be generating Subjects Company will not ever solve.
Pricing product typically includes considering certain main factors, like identifying target customer, watching how much rivals are paying, and recognizing the quality-price relationships. The good thing is that have a lot of flexibility in how to set the rates. The first stage is to get really clear on what users want to price plan to accomplish (Al-Mamun & Rahman, 2014).
Selling ability is drives revenue and that means hiring the best salespeople and following the bestselling plan. Pricing may affect how a client purchases service. Although the price of the commodity applies to a purchaser, it’s also significant to the vender.
To increase sales, it takes a combination of favourable market dynamics, product efficiency, and customer preference and creation difference along with suitable pricing, which contributes to a product’s success (Dolgui & Proth, 2010).
Setting prices too high or too low can affect sales if we consider the price factor. The product is different from what it does in competition. Although smart customers usually compare shop, pricing user goods or services below rivals are paying does not necessarily give a competitive advantage. Expenditure is a key element in setting a level (Teplická, 2015).
Setting up lower prices from the beginning can set up the brand reputation being considered to be cheap. Adjust for the product prices, and then add to how much income needs to accept. The discount is the difference between the price that pay and the cost that charge. Comprise production costs and other selling costs in value.
Making money involves producing enough revenue from the selling of goods so it can not only cover expenses but also collect a profit and maybe expand a business. The greatest mistake many companies make is to assume that profits are driven by quality alone (Teplická, 2015).
Al-Mamun, A., & Rahman, M. K. (2014). A Critical Review of Consumers’ Sensitivity to Price: Managerial and Theoretical Issues. Journal of International Business and Economics, 2(2). Retrieved from https://www.researchgate.net/publication/265598350_A_Critical_Review_of_Consumers’_Sensitivity_to_Price_Managerial_and_Theoretical_Issues
Dolgui, A., & Proth, J.-M. (2010). Pricing strategies and models. Annual Reviews in Control. doi:10.1016/j.arcontrol.2010.02.005
Teplická, K. (2015). Comparison of Methods for Pricing of the Product and its Impact on Economic Efficiency of Enterprise. Procedia Economics and Finance. doi: 10.1016/S2212-5671(15)01613-5.
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME] and Have It Done by Our PhD Qualified Writers!!
Pricing of Products and Services Research Essay
Tired of getting an average grade in all your school assignments, projects, essays, and homework? Try us today for all your academic schoolwork needs. We are among the most trusted and recognized professional writing services in the market.
We provide unique, original and plagiarism-free high quality academic, homework, assignments and essay submissions for all our clients. At our company, we capitalize on producing A+ Grades for all our clients and also ensure that you have smooth academic progress in all your school term and semesters.
High-quality academic submissions, A 100% plagiarism-free submission, Meet even the most urgent deadlines, Provide our services to you at the most competitive rates in the market, Give you free revisions until you meet your desired grades and Provide you with 24/7 customer support service via calls or live chats.