Assessment Task 1 – Work Based Knowledge Test
1. What are the characteristics of the products and/or services in your business?
Ans. I am working in . We are selling burgers as well as fries and soft drinks. But recently we start selling frozen coke and ice cream, which Mc d was selling and now we are making good money.
2. How do these products and/or services relate to the market they are in, and to the immediate competitors?
Ans. We have many competitors in market but Mc d is our biggest competitors because they are selling same product what we are selling.
3. How would you determine the effect of pricing variables on demand?
Ans. It is depend on main four factor place, price, product and promotions.
4. What promotional Methods and channels of distribution would you use to obtain the marketing outcomes established in your business?
Ans. At the movement we are using electronic media more than paper media. Customers can use our iphone app and they will get something free.
5. Describe the channels of distribution that you would use to ensure greater market penetration?
Explain how you would develop a pricing strategy for these products/services Ans. For greater market penetration, I shall not only market through the advertisement I will also take help from marketing agencies who can promote my business on a larger scale. 6. Explain how you would develop a pricing strategy for these products/services
If product is sold at the lowest price regarding all my competitors, we practice competitive pricing. Sometimes, competitive pricing is essential. For instance, when the products are basically the same, we use this strategy
The success of competitive pricing strategy depends on achieving high volume and low costs. If prices are lower than costs, we are going straight to bankruptcy! To avoid such a mistake, we take notice of the break even ratio.
-Cost-plus-profit: It means that add