Discuss the different pricing marketing strategies that coffee companies should use when they market domestically and they market globally.
answer-
Pricing strategies for coffee company in domestic market-
1. Pricing at a Premium in which coffee company could sell its coffee at premium prices because company in domestic market has reputation, brand which its customers know and premium pricing would create a perception that company uses high quality coffee beans and multi variety of flavors to make coffee for its customers.
2- Economy pricing if company target for customers who are price sensitive and likes to purchase products at low price as compared to its competitors.Economy pricing would help to increase customer base and after the customer base is increases, coffee company can slowly increase prices bit by bit.
Pricing strategies for coffee company in Global market-
1- Market penetration pricing in which company penetrates into the global market by introducing lower prices for foreign markets so that customers of host country would purchase its coffee by leaving its competitors. Under this strategy, coffee company puts lower prices to enter the market and after the sales and brand has been set in global market then increases its price.
so, these three pricing strategies are best for coffee company to do business domestically and globally.
Discuss the different pricing marketing strategies that coffee companies should use when they market domestically and...
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