MKG 220 Week 4 Assignment

Instructions

*Before submitting, please make sure you have reviewed the 4.4 Assignment: Pricing Strategies page*

Instructions

1.   Review the rubric to make sure you understand the criteria for earning your grade.

2.   Read and review section 15.1, “The Pricing Framework and a Firm’s Pricing Objectives,” section 15.2, “Factors That Affect Pricing Decisions,” section 15.3, “Pricing Strategies,” from Principles of Marketing.

3.   Read and review the following resources:

a.    Pricing Strategies - How to Price a Product

b.    Price Psychology and Online Marketing

c.    Psychological Pricing

d.   Critical Thinking - Cognitive Biases: Pricing Biases [HD]

e.    Pricing Process: Concept of Product Pricing & Pricing Objectives

f.     3 Types of Pricing Strategy

g.   Best Practices in Pricing (optional)

4.   Select three pricing strategies from the following list:

a.    Cue to quality pricing

b.    Absolute numbers and relative numbers pricing

c.    Contextual frame pricing

d.   Mood inductions pricing

e.    End in nine pricing

f.     Mental accounting pricing

g.   Compromise effect pricing

h.   Referent pricing

5.   For each strategy you select, address the following prompts:

a.    In your own words, define the strategy.

b.    Provide a brief example of the strategy.

c.    Describe a recent instance in which this strategy influenced you to make a purchase.

d.   What was the company trying to achieve?

e.    Do you think the tactic hurt or helped the company overall?

f.     Describe price adjustment considerations and legal and ethical considerations.

6.   Submit:

a.    A three-page (750-word) summary paper. 

b.    A minimum of two references from the course textbook and/or media resources linked to this workshop.

c.    A minimum of one reference from the Bible.

d.   Citations for all sources are to be formatted using APA format.

7.   The format should use correct APA formatting with a title page, in-text citations, and a reference page.

8.   For questions on APA Style, go to OCLS APA Writing Styles Guides.

9.   When you’ve completed your assignment, save a copy for yourself and submit a copy to your instructor by the end of the workshop.