A number of factors contribute to the pricing strategies for a product

by | Nov 3, 2024 | agriculture

 

 

A number of factors contribute to the pricing strategies for a product. Considering the segments in the simulation, what pricing strategy would be most effective considering both the market’s needs and the product life cycle? As the product moves through the life cycle, how should the pricing strategy change? Use an industry resource, such as the Wall Street Journal, to conduct research and include your resource as a reference.

Sample solution

Dante Alighieri played a critical role in the literature world through his poem Divine Comedy that was written in the 14th century. The poem contains Inferno, Purgatorio, and Paradiso. The Inferno is a description of the nine circles of torment that are found on the earth. It depicts the realms of the people that have gone against the spiritual values and who, instead, have chosen bestial appetite, violence, or fraud and malice. The nine circles of hell are limbo, lust, gluttony, greed and wrath. Others are heresy, violence, fraud, and treachery. The purpose of this paper is to examine the Dante’s Inferno in the perspective of its portrayal of God’s image and the justification of hell. 

In this epic poem, God is portrayed as a super being guilty of multiple weaknesses including being egotistic, unjust, and hypocritical. Dante, in this poem, depicts God as being more human than divine by challenging God’s omnipotence. Additionally, the manner in which Dante describes Hell is in full contradiction to the morals of God as written in the Bible. When god arranges Hell to flatter Himself, He commits egotism, a sin that is common among human beings (Cheney, 2016). The weakness is depicted in Limbo and on the Gate of Hell where, for instance, God sends those who do not worship Him to Hell. This implies that failure to worship Him is a sin.


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God is also depicted as lacking justice in His actions thus removing the godly image. The injustice is portrayed by the manner in which the sodomites and opportunists are treated. The opportunists are subjected to banner chasing in their lives after death followed by being stung by insects and maggots. They are known to having done neither good nor bad during their lifetimes and, therefore, justice could have demanded that they be granted a neutral punishment having lived a neutral life. The sodomites are also punished unfairly by God when Brunetto Lattini is condemned to hell despite being a good leader (Babor, T. F., McGovern, T., & Robaina, K. (2017). While he commited sodomy, God chooses to ignore all the other good deeds that Brunetto did.

Finally, God is also portrayed as being hypocritical in His actions, a sin that further diminishes His godliness and makes Him more human. A case in point is when God condemns the sin of egotism and goes ahead to commit it repeatedly. Proverbs 29:23 states that “arrogance will bring your downfall, but if you are humble, you will be respected.” When Slattery condemns Dante’s human state as being weak, doubtful, and limited, he is proving God’s hypocrisy because He is also human (Verdicchio, 2015). The actions of God in Hell as portrayed by Dante are inconsistent with the Biblical literature. Both Dante and God are prone to making mistakes, something common among human beings thus making God more human.

To wrap it up, Dante portrays God is more human since He commits the same sins that humans commit: egotism, hypocrisy, and injustice. Hell is justified as being a destination for victims of the mistakes committed by God. The Hell is presented as being a totally different place as compared to what is written about it in the Bible. As a result, reading through the text gives an image of God who is prone to the very mistakes common to humans thus ripping Him off His lofty status of divine and, instead, making Him a mere human. Whether or not Dante did it intentionally is subject to debate but one thing is clear in the poem: the misconstrued notion of God is revealed to future generations.

 

References

Babor, T. F., McGovern, T., & Robaina, K. (2017). Dante’s inferno: Seven deadly sins in scientific publishing and how to avoid them. Addiction Science: A Guide for the Perplexed, 267.

Cheney, L. D. G. (2016). Illustrations for Dante’s Inferno: A Comparative Study of Sandro Botticelli, Giovanni Stradano, and Federico Zuccaro. Cultural and Religious Studies, 4(8), 487.

Verdicchio, M. (2015). Irony and Desire in Dante’s” Inferno” 27. Italica, 285-297.

The pricing strategy most effective for the product in this simulation, considering both market needs and product life cycle, would be value-based pricing. This strategy focuses on the perceived value of the product to the customer, rather than simply its cost of production.

Here’s why value-based pricing is the most effective approach for the simulation:

  • Diverse Segments: The simulation includes multiple segments with varying needs and price sensitivities. A value-based approach allows for customized pricing strategies that cater to the specific needs of each segment. For instance, the “luxury” segment may be willing to pay a premium for a product with added features or a unique design, while the “value-conscious” segment may prioritize affordability.

  • Product Life Cycle: Value-based pricing can be adapted to the product’s life cycle. During the introduction phase, the price might be set higher to recoup development costs and establish a premium image. As the product enters the growth phase, the price can be adjusted to attract a broader market, potentially offering competitive pricing strategies. In the maturity phase, the focus shifts to maintaining market share, requiring a balance between value and competitiveness. Finally, during the decline phase, the price may be lowered to encourage sales and maximize remaining revenue.

The pricing strategy most effective for the product in this simulation, considering both market needs and product life cycle, would be value-based pricing. This strategy focuses on the perceived value of the product to the customer, rather than simply its cost of production.

Here’s why value-based pricing is the most effective approach for the simulation:

  • Diverse Segments: The simulation includes multiple segments with varying needs and price sensitivities. A value-based approach allows for customized pricing strategies that cater to the specific needs of each segment. For instance, the “luxury” segment may be willing to pay a premium for a product with added features or a unique design, while the “value-conscious” segment may prioritize affordability.

  • Product Life Cycle: Value-based pricing can be adapted to the product’s life cycle. During the introduction phase, the price might be set higher to recoup development costs and establish a premium image. As the product enters the growth phase, the price can be adjusted to attract a broader market, potentially offering competitive pricing strategies. In the maturity phase, the focus shifts to maintaining market share, requiring a balance between value and competitiveness. Finally, during the decline phase, the price may be lowered to encourage sales and maximize remaining revenue.

How Value-Based Pricing Changes Through the Life Cycle:

  • Introduction Phase: Focus on the value proposition and differentiation, pricing competitively with similar products in the market.

  • Growth Phase: Consider lower prices to attract more customers and increase market penetration, while still maintaining a strong value proposition.

  • Maturity Phase: Maintain a competitive price point to retain market share, potentially offering discounts, bundles, or value-added services to stay attractive to customers.

  • Decline Phase: Lower prices significantly to maximize sales volume and minimize losses, but be mindful of maintaining a positive brand image.

Research and Resource:

According to a Wall Street Journal article, “Value-Based Pricing: How to Charge What Your Product Is Worth” (2023), “a value-based pricing strategy considers the perceived value of a product to the customer and sets the price accordingly. This approach is particularly effective when a product has unique features, benefits, or a strong brand reputation.” The article further emphasizes the importance of understanding customer needs and preferences to effectively implement this strategy.

Reference:

  • Wall Street Journal. (2023). Value-Based Pricing: How to Charge What Your Product Is Worth. Retrieved from [insert website URL]

By leveraging a value-based pricing strategy, the company can effectively cater to the diverse needs of the market segments and adapt its pricing approach throughout the product life cycle. This ensures optimal profitability and competitive advantage.

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