Pricing Research: Product Comparison
Please provide notes and ideas on this assignment:
You are to compare three different product offerings to meet a given requirement. For this exercise you should not compare the same product at three different places but rather compare three different product offers. For example if you are looking for a blender you might compare a blender made by Cuisinart, Kitchen Aid and Warring. You are not to compare a Cuisinart blender at three different places or three different Cuisinart blenders. You are conducting research on the marketplace, in my example, of blender manufacturers to find out how they could meet your needs. The research will be the most valuable if you select something your really are interested in buying and would spend time researching.
Indicate the budget you are working with...do not say "unlimited".
To be valuable, the exercise should compare products which are reasonable substitutes for each other and competing in the same segment of the market. Using the blender example you would not compare a Vitamix at $500 to a Magic Bullet at $59.
In the column marked "requirements" a. through e,. indicate what you need the product to "be or do". Be sure you set performance-based requirements. For example for a blender it might be a functional performance requirement to make smoothies and chop nuts or a form/fit requirement to fit under a cabinet which would limit the height or a quality requirement of a certain color.
Expand the discussion blocks and table as needed to conduct and document your research.
Finally, don't select a blender for this exercise!
1. Budget: What is your budget for this purchase? Cite as a not to exceed or a range.
2. Briefly described how you conducted your research and how you obtained prices for comparison. Why did you take the approach you did? What other approach could you have taken to get the information? Why did you select the approach you used?
3. Complete table on the last page filling in all the information identified. When comparing the products to the requirements you set, clearly indicate the specifics of what you found to support a determination if the products failed to meet, met or exceed the requirements identified (don't just enter met, did not meet or exceeded)
4. Compare the results of your research to the budget and requirements you set. What changes in requirements and/or budget might you have to make as a result of these findings?
5. For those products which met or exceeded your requirements, compare the prices and consider why the prices differed. Consider product features, source of the sale, market conditions surrounding the manufacturer or reseller to support your conclusion.
6. If more than one product met your requirements which product would you select and why?© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/business/marketing/pricing-research-product-comparison-j7t1