ENTR 426 AMU Dog Training Businesses in Chicago Discussion

User Generated

wgurb1986

Business Finance

ENTR 426

American Military University

ENTR

Description

2 part question: 2 page paper, and 250 word forum post

Instructions

Assignment 6: Pricing Strategy Matrix (PO7, CO7, ILO.SK5, IS1, IS5, AL2, DL4)

Analyze the pricing strategy matrix described in this lesson and modify it appropriately for your business showing the key variables that consumers use when purchasing the product or service. Then, conduct research on your local competition, and submit a completed pricing matrix assessing each competitor that you will encounter. Include your own pricing model within the matrix, and provide a written justification to explain the rationale for the niche that you intend to fill in the marketplace.

Your matrix and written justification should be a minimum of two pages.

Minimum 2 scholarly sources.

250 word minimum forum post: Competitive Advantage

Identify at least three major competitors that you will encounter in the launch of your business venture. Analyze their competitive advantages and pricing strategy, and explain the rationale for a best approach that you will use to compete effectively against them.

I will attach all necessary information to complete the question. Thanks!

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

PRICING STRATEGY MATRIX

1

Pricing Strategy Matrix
Student’s Name
Institution Affiliation
Date

PRICING STRATEGY MATRIX

2
Pricing Strategy Matrix

Starting a new business today has become a difficult task, given the enormous number of
people with the same idea as the one you have. It is most probable that people already have a
good understanding of what your products can do. Also, if it is a service industry, customers
already have several places they can get the same services as yours, and maybe at a lower price.
Thus, venturing into a new market demands one to devise a marketing strategy that can help
convince customers to switch their allegiance. Introducing a new product or a service into the
market requires you to come up with a competitive advantage that differentiates your products or
services from others. For instance, if your strategy is cost differentiation, you must convince the
customers why your commodities offer better value via lower costs. As a business owner, you
should come up with a pricing matrix table, which allows people to compare the prices from
various competitors. In this paper, I will be looking at the pricing strategy matrix, which is
modified to match my business.
A pricing strategy is what a business person will use to determine the maximum price of
a commodity (Zhang & Wang, 2018). The pricing strategy matrix maps the price of an item
against its quality. Usually, low-quality products or services are known to cost less, and the
reverse is true. Understanding ...


Anonymous
Really helped me to better understand my coursework. Super recommended.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags