Mkt402 Week 9 Discussion 1 And Responses 1

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Week 9 Discussion 1
“Competition” Please respond to the following:

Read the article, “Amazon’s Pricing Strategy Makes Life Miserable For The Competition” located at https://www.forbes.com/sites/walterloeb/2014/11/20/amazons-pricing-strategy-makes-life-miserable-for-the-competition/#7d1a7a195c60.
Answer this question: What impact does Amazon’s pricing strategy have on small businesses?

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Jackson
RE: Week 9 Discussion 1
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First of all, Amazon is a huge company and there is hardly any competition. Amazon is doing everything( in my eyes) right. Free returns, fast service, and much more. This is probably difficult to do if you’re a newborn company; but if it’s executed properly, the benefits will far exceed your expectations. The basic idea behind a discount promotional strategy is to lower your prices in order to gain new customer, but not gain a large profit. The products you sell are at a price that’ll generate enough funds so you can break even and maintain your business, but you’ll appeal to a large pool of customers. For example, this is one of the pricing strategies examples that works best for businesses like a grocery or convenient store that offers a variety of products at an inexpensive rate. Combining discounted products and regular-priced products in one location will draw customers into the business for a discount, but indirectly encourages impulse purchasing on regular-priced products. When you have steep competition, some businesses concentrate on pricing your business services at the lowest possible rate. That’s not to say it will be inexpensive, but you want to beat your competitors. You’ve probably seen this strategy at gas stations that are across the street from one another. This strategy isn’t the easiest for most small business who need to profit to survive, however, if you’re a bigger business with many competitors, give your customers and leads a reason to step onto your turf.

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Miller
RE: Week 9 Discussion 1
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Amazon is dominating the market. As simple as that sounds, amazon is also destroying many brick and mortars. While large companies, like Walmart has tried to keep up by offer 1 and 2-day delivery practices, this price check tool will prevent many more purchases from happening elsewhere! Amazon has put the power in consumers hands by using the very tool that is always in a consumer’s hand- a cellphone.
Small businesses will have to step their social media efforts all the way up. Websites, social media applications, promo codes and instant, exclusive access through email reach are just a few ways to prevent from shutting doors.
For example, introducing online orders with low-cost or free shipping to the customer on a frequent basis will add appeal. Small businesses will have to utilize social media promotion daily and possibly purchase an analytics tool to pick prime viewing times for their specific product or service.

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