Assume you are the owner of an ice rink. The product you are selling is hours...

Assume you are the owner of an ice rink. The product you are selling is hours of ice time. Identify some price differentiation strategies that you could use in selling the ice time to various buyers. What are some of the “segments” you could use to apply this price differentiation?

Expert Solution

Answer : As owner of the icetime company we can used price differentation strategy of selling the product. The main aim of the ice-time company is using the strategy to maximise the profit. As owner they want to maximise sales such as:

Economy pricing : It is the pricing strategy where the company does not spend more on promotion of goods . It is budget pricing in which we gain maximum market share in the market.
Psychological pricing : It is the strategy where there is gathering information instead of a rational respond. Provide customer the firm which satisfied the customer a lot.
Promotional pricing : It means that it includes discount offers, gifts or money coupons or voucher. The main purpose of the promotional pricing is to attract maximum number of customers.
Value pricing : Value pricing is the strategy used for the reducing price of the product due to the external factors that can affect the sale of the product.
Pricing as per geographic location : The reason for it is that availability of the product, taxes different in every country.

Different pricing strategy has been used in different segments such as :

They work effectively and different segments do not communicate with each other.
Segment must share different degree of demand
Segment must be legal

There are various types of segment for applying differentation pricing :

Customer segment pricing is that when different customers paid different price for the same product I.e ice-cream.
Product segment pricing is that when different version of the product are priced differently but not according to different cost.
Location pricing is done when the product is sold at different geographical location means different in area.
Time segment means that at different time period different pricing has been charged.

CRUX : It depend upon the owner which pricing strategy it has been adopted in which segment in order to gain maximum profit fromthe business.

Rahul Sunny answered 1 year ago

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