Pricing Factor in Decision

Pricing Factor in Decision Introduction Pricing is part of the overall marketing strategy that plays tremendously vital role in the company’s success. Good price decision-making helps in boosting up the profitability and or market share of a product. Pricing factors in decision-making can be discussed as either external or internal factors.Advertising We will write a custom essay sample on Pricing Factor in Decision-Making specifically for you for only $16.05 $11/page Learn More Pricing Factors in Decision Making Customer Value, Relative to Competitive Offerings This is an external factor affecting pricing decisions. In setting prices as a Bubba’s House of Pork Rinds proprietor, it is important to calculate all the differentiating features and benefits of its product or service as a summation package. For instance, the management can look at the customer demand and consider important factors such as comparing its products to those of the major competitors, and whether th e firm has any competitive advantages vital to customers that they may be willing to pay more to get (Young and Keat, 2006). Differences between market and industrial segments In market segmentation, majority of businesses generate individual schemes of segmentation as a requirement to meet their business strategies (Young and Keat, 2006). There is some sense of similarity between these two segmentations, segmenting industrial markets appears different and more demanding due to its greater complexity in the buying processes, buying behavior and the bulkiness of industrial products. Prices in major industries are resulting to price differentiation among customer groups, which significance affects the profit margin. In order to make profits, a wholesaler or distributor that purchases pork rinds products in bulk requires lower prices compared to that of the retailer. They should maintain the end user price at almost equal level as when the manufacturer directly sells to a retailer. In short, Bubba’s House of Pork Rinds should consider the trends of its major buyers, if most of them are bulk buyers who resell the pork rinds, then, in order to maintain the prices to the end user, the firm must lower its prices. Expected Competitive Reactions A number of companies make drastic pricing decisions without considering several factors, a tend that might lead to price wars from competitors. Bubba’s House of Pork Rinds needs to consider the competitors (Dons Doritos Drive-in and Pauls Palace of Pringles) cost structure, their past pricing trends, product demand, the product’s relationship to others in the competitors line, and their capacity utilization.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More By considering all or most of these factors, Bubba’s House of Pork Rinds can come up with a competitive price and still avoid potential price wa rs (Daly, 2002). Marketing Objectives Market positioning has a great impact on pricing strategy. If a firm’s customer value, demand, competition, and real costs factors are accurately evaluated, then the resulting strategic price levels should maximize profits. Bubba’s House of Pork Rinds’ proprietor should weigh all these factors against its marketing objectives. There is also the need to evaluate how a price change affects the firm’s other products, the necessity for short-term profits as opposed to long-term market position, long-term consumer behavior, and the impact of profits management within the entire business operation. Maximum attention must be observed in order to put these four factors into consideration when making pricing decisions. The pricing objective adopted must cater for the current and future objectives of the firm (Baker, 2006). A consideration of these factors will help it to make better and more fact-based decisions about the toug hest marketing decision for both current and future market trends. References Baker, R. J. (2006). Pricing on purpose: creating and capturing value. NJ: John Wiley Sons, Inc. Daly, J. L. (2002). Pricing for profitability: activity-based pricing for competitive advantage. NY: John Wiley Sons, Inc. Young, P. K. Y., and Keat, P. G. (2006). Managerial Economics: Economic Tools for Today’s Decision Makers, 6th edition. NJ: Pearson Prentice Hall.Advertising We will write a custom essay sample on Pricing Factor in Decision-Making specifically for you for only $16.05 $11/page Learn More

Know More About Consonant Sounds and Letters in English

Know More About Consonant Sounds and Letters in English A consonant is a  speech sound thats not a vowel. The  sound of a consonant is produced by a partial or complete obstruction of the airstream by a constriction of the speech  organs. In writing, a consonant is any  letter of the alphabet except  A, E, I, O, U, and sometimes  Y. There are 24 consonant sounds in English, some voiced (made by a vibration of the vocal cords) and some voiceless (no vibration). Consonants Versus Vowels   When spoken vowels have no obstruction in the mouth, as opposed to consonants, which do. In his book Letter Perfect, the author David Sacks described the difference between speaking consonants and vowels this way: Whereas vowels are pronounced from the vocal cords with  minimal  shaping of expelled breath, consonant sounds are created through obstruction or  channeling  of the breath by the lips, teeth, tongue, throat, or nasal passage.... Some consonants, like B, involve the vocal cords; others dont. Some, like R or W, flow the breath in a way that steers them relatively close to being vowels. When consonants and vowels are put together, they form syllables, which are the basic units of pronunciation. Syllables, in turn, are the foundation of words in English grammar. Phonetically, however, consonants are much more variable. Consonant Blends and Digraphs When two or more consonant sounds are pronounced in succession without an intervening vowel (as in the words dream and bursts), the group is called a consonant blend or consonant cluster. In a consonant blend, the sound of each individual letter can be heard. By contrast, in a consonant digraph,  two successive letters represent a single sound. Common digraphs include G and H, which together mimic the sound of F (as in the word enough), and the letters P and H, which also sound like an F (as in phone). Silent Consonants In a number of cases in English, consonant letters can be silent, such as the letter B  following M (as in the word dumb), the letter  K  before  N  (know), and  the letters B and P before T (debt and receipt).  When a double consonant appears in a word,  usually only one of the two consonants is sounded (as in ball or summer). Stop Consonants Consonants can also serve as a means of bracketing a vowel, stopping their sound.  These are called  stop consonants  because the air in the vocal tract is completely stopped at some point, usually by the tongue, lips, or teeth.  Then to make the consonant sound, the air is suddenly released. The letters B, D, and G are the most frequently used stops, though P, T, and K also can serve the same function. Words that contain stop consonants include bib and kit. Stop consonants are also called plosives, as their sounds are small explosions of air in the mouth. Consonance Broadly,  consonance  is the repetition of consonant  sounds; more specifically,  consonance  is the repetition of the consonant sounds of accented syllables  or important words.  Consonance is frequently used in poetry, song lyrics, and prose when the writer wants to create a sense of rhythm. One well-known example of this literary device is the tongue twister, She sells seashells by the seashore. Using A and An   In general, words that begin with vowels should be introduced by the indefinite article an, while words that start with consonants are set off with an a instead. However, when the consonants at the beginning of the word produce a vowel sound, you would use the article an instead (an honor, a house).