Pricing Objectives and Tactics
4.1: Pricing Objectives and TacticsRetail financial institutions such as banks and credit unions offer financial products and services to consumers and therefore, they are considered retailers. The two types of retail financial institutions in Canada are chartered banks (such as the Royal Bank of Canada and the Bank of Nova Scotia) and credit unions (such as Vancity Savings Credit Union, and Coast Capital Savings Credit Union). Select one of Canada’s major chartered banks or credit unions offering products and services to consumers. Visit the company’s website and gather information related to the questions listed below. Length: Please write your response in point and paragraph form and limit your response to 1200 words at the most (cover and references are not included in the word count). Anything beyond this limit cannot receive marks. Assessment: This part of the assignment will be assessed using the following criteria: Depth (detail) of the analysis Insight into the price objectives of financial institution Explanation how to achieve price objectives through the most appropriate combination of price tactics and then link them to positioning and value proposition Answer the following questions about price objectives, tactics, and positioning and value proposition: What are the three financial objectives a retailer needs to maximize through its pricing tactics? Explain your answer. (6 points) Describe one price tactic for each of the three pricing objectives the bank develops to achieve each pricing objective. (6 points) Explain why you think the bank is using each of these three (3) particular pricing tacticsDo these three (3) pricing tactics support the three (3) financial objectives the bank is attempting to maximize? If yes, explain how they do support the financial objectives and if no, why they do not support the financial objectives.4.2 Online Retail Price Competition With the increase of highly competitive pricing tools particularly through the Internet digital environments many retailers are struggling with the difficulties of competing on price. Online retail competition is quick and precise causing many retailers to react by offering even lower prices. This action may generate additional sales volume but it does so at a price that reduces profit. Showrooming and webrooming are two of the many outcomes of this highly competitive price situation. Length: Please write your response in point and paragraph form and limit your response to 1200 words at the most. Anything beyond this limit cannot receive marks. Assessment: This part of the assignment will be assessed using the following criteria: Depth (detail) of the analysis Insight into the impact of price competition in today’s market place Explanation how to successfully combat the negative effects of showrooming and webrooming Answer the following question about webrooming and showrooming: Provide a definition of showrooming and webrooming and the adverse effects on retailers Discuss five strategies retailers can use to combat online showrooming. Describe five strategies retailers can use to combat webrooming. 4.3: Supply Chain as a Competitive Advantage The supply chain of a retailer is a strategic asset. As such retailers can create strategic advantage through supply chain planning and management. Length:. Anything beyond this limit cannot receive marks. Assessment: This part of the assignment will be assessed using the following criteria: Depth (detail) of the analysis Insight into competitive advantage and supply chain planning and management Explanation for your recommendations on how to leverage supply chain planning and management into a competitive advantage Answer the following questions about how a retailer can use its supply chain planning and management in to a competitive advantage: Discuss the five techniques a retailer may use to turn its supply chain into a competitive advantage. Provide two recommendations by which a retailer can leverage one of the five techniques each into a competitive advantage. Support your views with examples. 4.4: Retail Omni-channel Distribution The majority of retail organizations are in a period of transition and innovation from multi-channel distribution to omni-channel distribution. The transition and innovation are a result of technological developments in information systems and digital environment. Length: Please write your response in point form and limit your response to 800 words at the most. Anything beyond this limit cannot receive marks. Assessment: This part of the assignment will be assessed using the following criteria: Depth (detail) of the analysis Insight into multi-channel and omni-channel distribution Explanation for your recommendations on how to leverage supply chain planning and management into a competitive advantage Answer the following questions about omni-channel distributions opportunities and challenges: Describe the difference between multi-channel distribution and omni-channel distribution. Identify five (5) opportunities where retailers can use omni-channel distribution. Discuss five (5) ways retailers can create a consistent, seamless customer brand experience. 4.5: Report Structure and Presentation Remember, you will be judged by the structure, clarity, presentation, and quality of your work, which in this case are your assignments and Final Exam. They are to be prepared and presented in a formal manner suitable for business. To ensure the quality of your written work, refer to the section on Assignment Content and Assignment Criteria below. Assignment Content Assignments will be evaluated against the following performance measures: Content - Address all points of information as outlined in the criteria and requirements for the assignment. Knowledge - Demonstrate your knowledge, understanding, skills, and perspectives on the module’s learning materials in the assignment through your use of the course concepts, information and terminology and the application of the same in the assignment. Theory and Practice - Demonstrate your ability to connect your own experiences and opinions with the course material and any other outside sources. Critical Thinking - Demonstrate your ability to express your opinion clearly and to draw the best possible conclusions from your findings and analysis. Presentation - Remember that you will be judged by the quality of your work, which in this case will be your assignment. To assist you with the quality of your written work when preparing your assignment, refer to the writing guidelines included in the Course Guide. Assignment Criteria Be sure to save your assignment as a Word document and name it: MKTG4431_Lastname_Assign4. Reminders before submitting the assignment: Put your name, student number, the word count and the assignment number on the cover page of the document. Submit all parts of the assignment in one PDF document. Make sure to include the word count. Organize your assignment with clear headings and sub-headings (questions and questions within the questions) based on the assignment questions. We cannot give marks for answers we cannot find or are left to guess. Use marketing concepts, information, and terminology from the course learning materials in your assignment but source the majority of your statements and information you base your conclusions on from academic journal sources. Please see the posted Referencing Expectations. You must follow the instructions there. Restating of the course learning materials should not be included in the assignments, nor is it considered part of analysis. Anyone reading your report will be familiar with the course learning materials therefore you need only to mention those facts relevant to your analysis and recommendations. Research academic journal sources for theories and concepts that can be applied. Stay within the required length for each assignment. Communications should be clear, concise, and to the point. Use 1.5-line spacing in all parts of your document to improve readability for your Open Learning Faculty Member. Use an 11-point or 12-point font. Include numbers on all the pages. Use a spell checker to eliminate spelling errors. Use grammar checking to avoid grammatical errors such as run-on sentences. Cite references, using correct APA referencing format, if you are unsure what this is use TRU The APA Citation Style Guide. Once you have finished writing, proofread your work and then print a hard copy to proofread it again. Fix the errors before submitting the assignment to your Open Learning Faculty Member. Remember, being clear and concise is important to good communication. IMPORTANT In answering the questions in the assignment, it is critical to emphasize the justification for each action recommended. The assignment should take account of all the information covered in the course learning materials for this module. Grading is weighted in favour of answers that demonstrate reasoning and application behind the answer as well as references to course notes, readings, or any outside sources. Reference all quotations appropriately using the APA style (author, date, title, publisher, and page number) and when needed provide website URLs or references. Visit the TRU Library Online Catalogue and access “How do I…?” for further information about how to cite resources and review the posted Referencing Expectations.