Certificate IV in Marketing and Communication
Assessment 2
Part A – Direct Response Offer In assessment 1 you provided details of a product and your direct marketing offer. Please refer back to that product as we now focus on pricing and after sales service.
1. What was the focus of your product in assessment 1? (1 mark)
2. What internal and external factors will influence your pricing strategy? Choose one of each and explain the impact. (3 marks)
3. What techniques would you use to determine the price of your product? Provide two (2) suggestions. (4 marks)
4. What short term pricing strategy would you employ to attract customers? Choose one and explain why. (3 marks)
5. What payment term options will you provide to your customers? Explain your rationale. (3 marks)
6. How will you ensure that delivery or service is fulfilled promptly after a purchase? (2 marks)
7. Explain your procedures to ensure that customers are responded to promptly when they have queries or complaints regarding the product or service. Provide two (2) suggestions. (3 marks)
8. Explain how your customers could access the following: (6 marks)
a. Instant, accurate information about status of delivery of products or service
b. Customer account information
Part A total: 25 marks
Part B – Written or Oral Questions
1. What skills would your staff require to build relationships with customers? Provide three (3) suggestions (6 marks)
2. How would you ensure customers are served in a correct and fair order? (2 marks)
3. How could staff assist in developing and refining direct response offers in response to customer feedback? (6 marks)
Part B total: 14 marks
Assessment 2 total: 39 marks
Part A
Expert Partial Solution
What was the focus of your product in assessment 1?
Product –focus is an approach to businesses meant to define operations, strategy, and metrics in terms of commodities (Bejou & Gopalkrishnan, 2014). The focus of the product in assessment 1 was the strategy and metrics of presenting products in the market for the customers with an aim of ensuring successful conversion of sales. For instance, the product description should be given clearly. Product diversification could also be adopted by businesses.
What internal and external factors will influence your pricing strategy? Choose one of each and explain the impact.
One of the internal factors that would influence the pricing strategy is the cost involved in producing the product (Rudani, 2010). The cost comprises fixed and variable costs. Therefore, the impact depends on the total cost incurred since both costs must be recovered through pricing. For instance, if the total production cost is high, consequently, the price would be set high to recover both the fixed and variable costs.
On the other hand, an external factor would be the consumers. The consumer aspects considered include the purchasing power and price sensitivity of the consumer among other factors (Gbadamosi, Bathgate, & Nwankwo, 2013). Therefore, it means that for consumers with high purchasing power, the prices could be set high and vice versa.
What techniques would you use to determine the price of your product?
Provide two (2) suggestions. I would use the demand and supply interactions existing in the market to determine the price of my product. For example, if the demand for the product is high and the supply is low, I would set the price high and vice versa (Moon, 2018). I would also use the recommended retail price through a mutual agreement with other key players in the market for the particular product.
Question Four
I would adopt the penetration pricing strategy. It requires a business to set a relatively low price in order to boost sales, especially when launching a new product in the market. It is more likely that customers would be attracted by the low prices because they will be able to spend less amount of money to buy more units of products (II, 2011). It ensures the growth of business and a quick increase of market share.
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Certificate IV in Marketing and Communication
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