- Most organizations sell more than one product. They may offer a portfolio of products. Construct a matrix of an organization’s product portfolio that reflects its width (variety) and depth (assortment). Imagine you are the organization’s Chief Marketing Officer. How would you defend the decision to offer so many options to meet buyer needs?
- Though goods and services are both types of products, they present different marketing challenges. Using a service with which you are familiar, identify how unique characteristics of services in general are manifested for your service. Develop recommendations for marketing the service that can overcome the marketing challenges related to these service characteristics.
- There are several strategic options organizations can follow when introducing new products. Estimate the relative risk and return associated with the level of innovation reflected in a new product launch.
- Though organizations sometimes base pricing decisions on the cost of materials, another option is to base price on perceived customer value. Choose a product and estimate the perceived value of that product as a function of customer benefits and customer costs. Compare your estimate to the actual price charged for the product. What modifications to the price would you recommend?
- Imagine an organization has asked you to create its pricing strategy. You decide to base your proposed price recommendations on possible pricing objectives. Using the same product you chose in Question 4, examine how price decisions should be adapted for the pricing objective
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