The Marketing Mix: Price for Child Care Business

The questions for the SLP 5 part of your marketing strategy direct you to consider pricing activities.

Excluding your title page, and your revised SLP01, SLP02, SLP03 and SLP04 sections, your analysis of the new sections of the marketing strategy for Module 5 paper should be not more than four pages long.

In other words, SLP 5 should begin with a revision of what you prepared for SLP01, SLP02, SLP03, and SLP04 (sections 1-24) with those revised pages placed before you address the following issues.

The New Section of the marketing strategy for SLP05
25. COSTS

For your service, taking account of the marketing activities previously described, investment requirements, and allowing for your time to provide the service and any ancillary costs, assess the OVERALL COSTS of operating your business which you would take into account in setting prices.

26. PRICE SETTING

How will you set your price(s)? What are your pricing objectives? What approach or strategy will you use? Do you have some formula in mind such as a markup percentage or a percentage return on your investment?

27. TEMPORARY PRICE PROMOTIONS

Will you use any price promotions to generate sales? When? Why?

28. PRICE DISCRIMINATION

Will you vary your prices by segment? If so for whom and what will they be?

29. PROFITABILITY

What will your expected profits be? Show calculations for your expected profits over a reasonable time period. Refer to previous sections where you have stated performance goals.

30. OVERALL SLP EXPERIENCE

Conclude this final submission with a personal evaluation of this Session-Long Project. What did you find most helpful? How could these assignments provide a better learning experience? Any other comments?

Make sure you use section headings for each of the sections. In addressing the sections the CAPITALIZED BOLD words in the sections as headings and the non-capitalized bold words as sub-headings.

Write in a succinct, organized, and professional way. DO NOT USE ESSAY FORMAT.

Please complete the sections above, and any modification to pr ior sections (ensuring that the grader can easily recognize any changes) and submit the completed strategy for your business by the end of this module.

REMINDER
The MOD01 Background Info section contains “Notes for the SLP ” which gives guidance for ALL the sections of the entire SLP.

SLP EXPECTATIONS
It is expected that you will explain the alternatives you considered and why you decided to make the recommendations you do. Also that you will use information from the background readings as well as any good quality sources you can find to deepen your understanding of the project and that you will cite all sources and provide a reference list at the end of the paper.

The following will be assessed in particular:

Your demonstrated understanding of the concepts and frameworks used to conduct analysis for the project. Generally formal definitions are not required as understanding can usually b e demonstrated by the way you apply or interpret the concepts.
Your ability to conduct marketing analysis appropriate to the project. The sections above require a combination of description, (e.g. what will be done) and analysis (explaining why it should be done that way). Graders will place more weight on analysis than description alone.
The criteria used for assessment will be those explained on the MOD01 Home page, namely:

Focus.
Breadth.
Depth.
Critical thinking, including selection and application of relevant frameworks.
Effective and appropriate communication skills.

background reading:

Having developed an understanding of how consumers make purchase decisions, and how marketers analyze markets and select targets, we turn our attention in Modules 02-05 to how firms can win and retain customers and here in Module 05 we focus on the final element of the Marketing Mix, Price, what it costs the customer to own our product. Note that this conception of Price, rather than “What we charge the customer”, more usefully represents the customer-oriented perspective taken by marketers.

This raises a number of questions such as:

What alternative approaches are available to marketers to price products?

What factors do marketing managers take into account when setting a price?

The materials on this page as well as in the case have direct relevance to those questions and the fifth and final part of your SLP.

For both the case and the SLP, the following materials have been provided:

Resources for all modules:

1. The course designer has prepared background materials for each module that can be accessed through the presentations link at the top of each page.

2. An extensive glossary of marketing terms can be accessed at

Marketing Power Dictionary (2011). American Marketing Association.. Available May 31, 2013 at

http://www.marketingpower.com/_la

3. The following reference covers a range of marketing topics:
Marketing Made Simple. (n.d.). Available May 31, 2013 at

http://www.marketing-made-simple.com/

Module 5 Readings
Christ, P. (2011). Principles of Marketing. Available August 30, 2012 from KnowThis.com. Review the following chapters:
Pricing Decisions
Setting Price
Available May 31, 2013 at
http://www.knowthis.com/principles-of-marketing-tutorials/