According to Dolan there are eight steps to create a better price for your product

According to Dolan there are eight steps to create a better price for your product

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While reading the article by Williamson and Zeng (2009), I noticed a few similarities in marketing and sales plans as compared to the article we read this week by Dolan (1995). The biggest similarity that I noticed is that both article suggest that companies have to understand and market their product to what their target customer values and wants. By understanding the value that a customer has on certain product features and functions, a company can offer their customer the item they want and also increase the loyalty that a customer has to that company. Another similarity I noticed is that the authors also stressed and understanding of what competitors bring to the table as far as what their customers value. Companies have to determine how to set themselves apart from their competitors by focusing on customer values and needs. Although there were many similarities between these two articles, I also noticed one very big
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Unformatted text preview: difference. Williamson and Zeng (2009) suggest selling “cutting edge technology at mass market prices” (Williamson & Zeng, 2009, pd. 70). However, Dolan (1995) differs by suggesting to monitor and understand what your target market values before you decide what pricing plan to use on your brand. Dolan (1995) also suggests that customers will purchase the items if the price equals the value of the product. Both articles give good advice as to how to keep customers. References: Dolan, R. J. (1995). How do you know when the price is right? Harvard Business Review, 73(5). Retrieved from the Business Source Premier on October 10, 2009. Williamson, Peter J.; Ming Zeng (2009) Value-for-Money Strategies for Recessionary Times. Harvard Business Review, 87(3),66-74. Retrieved from the Business Source Premier on October 10, 2009....
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This note was uploaded on 06/11/2010 for the course MBA EDUC 6610 taught by Professor Letch during the Spring '10 term at Walden University.

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