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A1_Quarter2 - Quarter 2 MKT 450 Introduction Quarter 1...

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Quarter 2 MKT 450 September 16, 2008 Introduction Quarter 1 resulted in lessons learned for the group, as well as, points of concurrence. Overall, there were some mistakes made, however, the group was also very pleased with some of the results garnered for Quarter 1, such as, research and 1
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development, the purchase of market studies, and participation in NAEM. These are all vital to gaining market share and improving the operations of the company. Pricing Input error in Quarter 1 resulted in overproduction of the TST product, therefore, in order to sell off excess inventory the group decided to use a sales promotion to increase sales. The sales promotion is a 20% reduction in the product price in all regions. This rate will allow the organization to make a profit while, also, lowering prices to increase sales. Advertising efforts will, also, be increased with the goal of lowering TST inventory. Buyer behavior research revealed that consumers react positively to prices that end with a “9”, i.e. instead of buying a product at $20.00 consumers are more willing to purchase a product at $19.95. This was taken into consideration when adopting the new prices for Quarter 2. The TST pricing for Region 1 is $3,689.00, Region 2 is $3,509.00 and Region 3 is $3,599.00, respectively. According to incoming reports, a competitor in the industry overproduced their version of the CVE product and the group, thus, assumes the competition will drop prices dramatically. Despite this information, the group opted to make no change to existing prices.
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