assignment 734

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Continue analyzing and developing a marketing plan for the same product that you selected in Module 1.  For this week’s assignment, you will be determining the price for your product.  There will be two parts to the assignment.

 

 

 

1.         You will create an Excel spreadsheet that shows how you arrived at the price for your product.  You may use any method to determine your price.  Click here to use OpenOffice.

 

 

 

2.         You will also write a one to two page essay explaining your pricing strategy.  Please ensure that you have at least 2 references to the textbook.  You may also use other reference materials from LIRN (visit the Academic Resource Center for instructions on how to use LIRN).

 

 

 

For the Excel spreadsheet include: estimated costs (fixed and variable), mark-up, and profits.  Compare your product price with the competition’s pricing.  Determine what your final price will be for the product.  You may need to decide the sizes of the product that you will sell and price each one.  Show your break-even point. Remember:

 

 

 

Return on investment

=

Net profits after taxes

Total assets

 

 

 

Retail price

=

Cost

1 – Desired return on sales

 

 

 

For the written portion of the assignment, please ensure that your paper includes the following topics:

 

 

 

o   Supply and demand

 

o   Your pricing objective (profit oriented, sales oriented, or status quo)

 

o   The stages of the life cycle of your product

 

o   Which of the three basic approaches you used: price skimming, penetration pricing, or status quo pricing

 

o   The legality or ethics that affected your decision making

 

o   Whether you will fine tune the price with rebates, discounts, or any of the other methods

 

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