Principles of marketing
Most companies and organizations have to quantify the value of an item that they intend to sell in the market. The paper shall be analyzing the pricing methods applied by Media distributor Netflix and Bayer Aspirin and compare and contrast the two methods. The most appropriate pricing method for the products would follow the steps below. The marketer would first identify the objectives of the company. The aimed at producing a better product that would relief pain faster among consumers.
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He also consider the needs of the consumers which should be satisfied through consumption of the products. However, the methods differ in that Bayer Aspirin adopts a time based pricing strategy which aims at establishing brand loyalty among consumers while Netflix Company is more interested in a market oriented strategy that shall ensure it establishes a large market share of its consumers.
Bronnenberg, B.J., DubéJ.P., Gentzkow, M., Shapiro, J. M., (2014). “Do Pharmacists Buy Bayer? Informed Shoppers and the Brand Premium.” Retrieved from http://faculty.chicagobooth.edu/matthew.gentzkow/research/generics.pdf on 22/10/2014. 1-51.