I need thoughtful responses to 4 students discussion post. I am just going to copy and paste what the students are saying. If you need to know what the question was let me know and i can send that too There are a total of 4 students, the first two were for a different discussion than the last two student responses. student one (rose): I choose Limelife by Alcone, which is an MLM that sells all-natural skin care and paraben free makeup. I am a beauty guide with Limelife, and know that the company is invested in the products they sell. Limelife skin care is free from harsh chemicals, organic and safe to use, which really sets it apart from other companies and brands in the industry. The makeup is high end and free from parabens, which also puts in a different category from their competitors, like Rodan n Fields, Younique, Mary Kay, and Avon to name a few. These brands use chemicals in their products and could be harmful to the person. The difference between Limelife’s products is they are invested in being organic and safe for consumer use and offering only the best makeup in the industry which boasts of makeup made for TV. The makeup is used by well-known celebrities such as Kelly Ripa, Kim Kardashian, and Jessica Parker to name a few. Limelife’s primary channels of marketing is direct selling, networking, and using catalogs. Companies should adapt their prices and marketing channels to meet varying circumstances and opportunities by promoting sales around holidays, such as Valentines, Mother’s/Father’s Day, black Friday and Christmas as well as offer free shipping after spending a certain amount. I know it works for me! I always end up throwing something else into my cart just to get free shipping with the thought of I would rather get one more thing of use than pay shipping and get nothing!? student 2(nicole):? I am going to use the same small business for this discussion as I did for the interview discussion. This business designs, makes, and sells personalizable custom gifts for recipients of all ages and all occasions. She is an online business with her own website for customers to shop from, but her main marketing channel is done on social media, mainly through instagram. Some of her direct competitors are other small businesses from Etsy, Instagram, and Facebook, but also bigger companies like Shutterfly, Vistaprint, and Snapfish. Because she does all of her own designing and printing from her home, she differentiates her products from the bigger printing companies with her customization options and offering to be her clients personal designers for their gifts, instead of them just uploading their designs to a general template. She also offers various designs that rotate through seasons so her customers always have fresh new ideas to choose from. She offers her customers more than just custom products, she provides them with an experience that leaves them wanting more! Many of her customers are either returning, have been referred, or even gifted one of her products from a loved one. Being able to adapt pricing and marketing channels to meet varying opportunities and circumstances is important to many small businesses survival. In recent years, social media has become a great tool for marketing small businesses, but it is constantly changing with its algorithms. This particular small business had to adapt her marketing and advertising to fit the opportunities and circumstances that instagram has allowed. With the introduction of Instagrams Reels, she has had to become more present in her advertising than ever before. She understood that if she wanted her products seen, then she had to adapt to the opportunities, even if it was out of her comfort zone. Adapting to pricing is just as important. There are many companies that sell similar glass cups that she does, and if her prices are too high, then she might lose potential customers to others that can make it for less. student 3: I had the pleasure of an in-person interview with Ms. Tan, who is the co-founder of a personal training gym (Tan, K., personal communication, August 16, 2022). As a matter of background, this gym uses the word elite in its business name and will be referred to as “Elite” for this discussion. This is a very important factor in the company’s overall marketing plan. As a new small business, the company’s pricing objective was typical of any start-up, which was pure survival, offering lots of promotions to create buzz for its gym. Elite offered free trials, free T-shirts, on-site training, group classes, and bartered. For example, they would trade personal training sessions for used equipment, printed marketing materials, assistance building its website, and use of space at certain locations. Through these methods, the owners were able to grow their business from borrowed space to rented space, and eventually purchase their own space with state-of-the-art equipment. Today, the gym has four locations. Elite’s pricing objective is based on product (service)-quality leadership. The company markets itself as an elite strength and conditioning gym focused on what they refer to as “high-end athletes.” That is, working with athletes who are recipients of collegiate-level scholarships and aspiring Olympians. While they do still offer group classes for cross-fit style workouts, Elite’s primary focus is comparing itself to a luxury service, offering personally tailored workouts, which come with a personally tailored pricing structure. Setting its pricing is heavily focused on its competitors. Elite staff shop big box gyms, small box (aka mom and pop) gyms, and warehouse gyms. Warehouse gyms are where the staff is contracted with the owner of the building and rents out space to train their clients. Elite then compares prices in each of these settings and then sets its price slightly above its competitors based on the perceived-value pricing. The value is their personally tailored elite training program for elite athletes. In my experience, the company is like a lot of personal training companies; however, they have been able to create a strategy that has afforded them great success in the market area in which they operate. ? student 4: I thought it would be fun to interview my husband who owns his own business, and up until this class I never really asked all those behind the scene questions. My husband has owned and operated his family business for the last 22 years. He founded the company with his brother, while his sister managed the office. He currently is sole owner, and his sister still works for him. Morey’s pricing objective is to generate a net profit of 15% while staying competitive in the market to allow long term sustainability. Morey also has target segments that are less price sensitive than others by providing demand service, meaning they are able to charge at a higher net profit which allows them to have more competitive pricing on bid jobs. The company runs 40% demand service, 40% replacement and bid work, and 20% maintenance. The company’s primary focus is to price for its net profits, growth and with ongoing/upcoming expenses. That being said the consideration is more of review to know the competitors’ prices, but it is not an impact when setting the pricing, the consideration is the industry factors, not he competitors. The method of pricing that is used is custom to the age, design, instillation, and neglect of the system. After all these factors are determined, the method the company uses is based off a program that has preset markup pricing.
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