(iii) assess pricing and non-pricing strategies and propose some for that business
Topics
Pricing and non-pricing strategies – what are the firms currently doing in this regard, and how to creatively price, place or position products/services etc. to give a business an edge?
of your visit. Once the field work is done, share the raw information with the team. Do not share your analysis with the team: this is for you to do individually and for the lecturer’s eyes. You may then conduct secondary research individually: find other information about the companies you investigated or other companies (in related or unrelated industries, whether located in Australia or internationally) to learn about the state of competition in their industries, how they try to grow their businesses, and how they might compete in terms of pricing and nonpricing strategies, and so on. You can then use these strategies for your own case, but cite the source of your ideas. These sources of information could be newspaper articles, company, government or industry reports accessed via the Internet; or books, journal articles or working papers. Avoid blogs whose information might be unreliable or which do not cite their source.
3.Using the information you gathered, compose a report individually that addresses the questions below. It will involve creative thinking: you will advise one of the two companies on strategies to improve its business with the aim of outcompeting its rival. Any calculations, analysis of the data, or generation of creative ideas should be entirely your product— not group work. In summary: the group work element is limited to gathering primary data from the store and sharing that data between group members. All other tasks are individual. I do not want reports that look and sound similar, even if the businesses two students selected are the same. Individualise it. Make it different.
1. Market structure and competitive strategies
Asmentioned before, be creative, yet realistic. Critically evaluate your strategies as well (e.g., what obstacles are there to its implementation?)
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