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Discussion: Pricing StrategiesTypically, a business owner can choose from a variety of pricing strategies. The choice of strategy depends on information gathered during analysis of the internal (costs & profits) and external environments of the venture:
- Competition
- Economy
- Technology
- Natural
- Legal/Regulatory
- Socio-Cultural
Simulated Business Scenario
Avery is a business coach serving clients with small to medium sized businesses in a variety of marketplaces.
Avery is preparing for an initial meeting with a potential new client, Manny. Manny operates a small
traditional shoe store in Tuscaloosa, Michigan with a population of 125,000.
As Avery conducted her research, she quickly learns that the business has been in operation since Manny’s
father opened the doors in 1969. The success of the business was based on excellent customer service.
At an early age, Manny learned a simple 2-stage business philosophy:Rule #1. The customer is always rightRule #2. Re-Read Rule #1Manny took over the business in 2011, and since then, eCommerce has been eating away at sales volume and profits. He has longstanding relationships with 3 generations of Tuscaloosians but he is losing market share to local and big box discounters and online sellers like Amazon, The Real Real, and eBay.
During the initial consultation, and considering his excellent customer policies, Manny insists that his only option is to revamp his pricing strategies. He informs Avery that she will earn the consulting contract if she presents 3 separate pricing strategies for Manny’s consideration.
Question
- What pricing strategies can Avery suggest to Mannyin order to stop the decline in sales and regain lost market share?
- Other than price, what other strategies can Avery suggest to Manny to regain market share?
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