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Psychological Pricing: A Case Study

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The conclusion was drawn that the Psychological Pricing after carefully analyzing the pricing aspect of the new product; the researcher came to the conclusion that Psychological Pricing would be suitable implementation of pricing for the new Grace Kennedy All Natural Cane Juice. The justification came about based on (Kotler, 1994), he affirmed that this is usually a accepted method of pricing new product; sellers will often times manipulate reference prices in pricing that product, while buyers in return carry that product in their minds as a price referencing, when seeking that specific products. In addition, this method objectively seeks to capture consumers to believe that “good things are not cheap and cheap are not good” (Waterman and …show more content…

Within this process it is important that the company hire people are well trained who are qualified for the job rather than getting the job; this will facilitates the delivery of quality services. (The Marketing Mix, 2015) explained “internal” competitive advantage a business can have over other competitors which can inherently affect a business’s position in the marketplace. In addition market segmentation is important as well; it basically narrows down the type of consumers that the company wants to attract to the brand. This can range from age groups, social status, geographic location etc. Grace Kennedy intends to carry out segmentation more effectively by subdividing the segments into smaller units so that the resources will be enough to effectively penetrate the right target groups. Multiple, segmentation will allow them to better segment their products where there is a high potential for success and they may use this to gain the best results from their products; the benefits of this is that, if they market is carefully segmented it may produce larger capitals and higher market shares, while satisfying the needs of their …show more content…

In addition to that Grace has found a new to contribute to the environment by using bio-degradable plastic; this will be used for bottling and labeling the new

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