mkt402 week 2 discussion 2 AND response

I’m trying to study for my Marketing course and I need some help to understand this question.

“Pricing Strategies” Please respond to the following:

  • For a popular fast-food restaurant chain of your choosing, use the Internet to locate its menu and prices.
    • Discuss the challenges of creating an effective pricing strategy and the ways those challenges may be addressed. Provide specific examples to support your responses.
    • Decide whether you believe the chain’s strategy maximizes profits. Defend your position by providing two reasons why you do or do not support its strategy.

    AND RESPOND TO THIS POST:

  • Jackson

    RE: Week 2 Discussion 2

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    The most successful organizations consistently deliver more value to their customers and can capture improved margins as a result. On the way to serving hundreds of billions, McDonald’s Corp. has blazed multiple corporate trails since its 1955 incorporation. Franchising, institutionalized training McDonald’s even had a mission statement long before mission statements were a thing. “Quality, Service, Cleanliness and Value” is self-explanatory, and McDonald’s has set standards for at least the first and fourth of those qualities. Best-practice-pricing strategies excel at the three key stages of value management. An organization should sell on value not price. It is imperative that when you communicate with customers that you focus on how the products and services uniquely meet their needs. A satisfied customer is a profitable one.

    I do agree with the pricing strategy. Business owners want their bottom line to be as profitable as possible. To increase profit, you must be diligent in cutting frivolous costs and boosting productivity among employees. This ongoing process often faces many challenges. The key to success is to focus on the end goal and always remember that the business’s profits will serve purposes.