1st Answer

Introduction: The majority of products are part of a larger product mix. They play a
specific role within the product mix, which may include a wide range of different
products aiming at different positioning. As a result, they should be priced accordingly.
This is addressed by Product Mix Pricing Strategies. We will explain the fundamental
strategies for setting product prices within the product mix, both for individual products
and for entire product ranges. In short, product prices should always be set with the
entire product mix in mind. The reason for this is that the company should always seek
a set of prices that maximizes profits from the total product mix rather than profits from a
single product. If a company only sets prices for one product without considering other
products in the product mix, it may run into a problem: if the product is not priced at the
exact right spot by chance, its profit will not be maximized. Worse, it may have an
adverse effect on the sales of other products in the product mix.

Concept and Application:

Pricing for Product Lines

Product line pricing is important in product mix pricing strategies because firms typically
develop product lines rather than single products. When you look at a car brand, for
example, you will notice a relationship between the different series and their prices. The
entry-level model is obviously less expensive than the top-tier model. These price points
are carefully chosen. Product line pricing requires the firm to determine price steps
between different products in a product line based on cost differences between the
products, competitor prices, and, most importantly, customer perceptions of the value of
different features.

Pricing for Optional Products

The pricing of optional or accessory products in addition to a main product is known as
optional product pricing. In many cases, you can purchase optional or accessory items
in addition to the main product.

Pricing Captive Products

Captive product pricing occurs when a company creates products that must be used in
conjunction with the main product. On the contrary, in optional product pricing, we
should consider products that can be purchased/sold in conjunction with the main
product.

Razor blade cartridges and printer cartridges are two examples of captive product
pricing. Captive product pricing is a very effective strategy among the product mix
pricing strategies. Producers of the main products, such as printers and razors,
frequently set extremely low prices for the supplies required to operate the main
products. Companies that use this type of product mix pricing, however, must exercise
extreme caution. The challenge is to strike the right balance between main product and
captive product prices. Furthermore, consumers trapped into purchasing expensive
captive products may resent the brand that entrapped them.

Pricing for By-Products

By-product pricing is the practice of charging a fee for by-products in order to make the
main product's price more competitive. It is the result of the fact that manufacturing
products and providing services frequently generates by-products. Often, these by-
products have no value as standalone products, and getting rid of them is expensive. As
a result, the price of the main product would rise. However, by using by-product pricing,
the company attempts to find a market for these by-products in order to offset the costs
of disposal and make the main product's price more competitive. In some cases, the by-
products themselves can be profitable, effectively converting trash into cash. Isn't it sly?

Price is an important component of any company's marketing strategy. Price has a

direct impact on the customer, their purchasing habits, businesses, and the overall
economy. Customers consider price to be a major indicator of a high-quality product
and an important factor in their purchasing decision. As a result, price strategy is the
most important and critical aspect of marketing strategy. When determining the price,
business owners and marketers must consider the type of competition in the market, the
elasticity of demand for that specific product, and the cost of production.

Allowance and Discount Pricing

Most businesses adjust their base prices to reward their customers for quick responses.
Such as early bill payment by customers, bulk purchases, and off-season purchasing,
companies may offer a certain amount of discount or allowance to their customers.
These price adjustments are known as discounts and allowances pricing strategies.
Discount is a direct price reduction by the company on purchase, whereas allowance is
promotional money paid by the company to the retailer in exchange for an agreement to
feature the company's product in some way.

Pricing Segmentation
In a segmented pricing strategy, a company sells a product or service at two or more
prices, with the price difference not being based on cost. There are various types of
segmented pricing, such as customer-segment pricing, product-form pricing, and more.
Museums are an example of this, as they charge lower admission fees to students and
seniors. Segmented pricing can also be seen in the variation of theatre or cinema seat
prices. Companies also charge different prices for the same products in different
regions.

Pricing Psychology
The psychological pricing strategy approach takes into account the psychology of
various customers in relation to their products. The price indicates something about the
product's features and characteristics. Many customers, for example, use price to
determine the quality of a product or service. For example, if a person wants to buy
perfume, he will ask the shopkeeper for the price of two bottles, which will be $1,000 for
one and $400 for the other. Customers are now willing to pay $1,000 because the
higher price denotes something special.

Discounted pricing
A promotional pricing strategy is used to promote or introduce a specific product or
service. This is the temporary price that companies charge for their products or
services. This price may be lower than the list price and, in some cases, lower than the
incurred cost. To attract customers, some supermarkets and department stores offer
lower prices. Promotional pricing can also have negative consequences. For example,
constantly reduced prices can send a message to customers about lower brand quality.

Conclusion: To market its products and services in the FMCG industry, the brand
should employ a product line pricing and promotional pricing adjustment strategy.
2nd Answer
Introduction: One of the most important components of the Herbalife Nutrition Ltd
marketing mix is the product. Herbalife Nutrition Ltd.’s product has the following
distinguishing features:

Concept and Application:

Quality
Herbalife Nutrition Ltd maintains high product quality. Product quality is maintained by
adding value at various stages of the value chain. Herbalife Nutrition Ltd only buys raw
materials from reputable suppliers. These raw materials are processed in carefully
monitored environments to ensure high and consistent product quality. Herbalife
Nutrition Ltd has a distinct competitive advantage due to its high-quality promise and
delivery.

Price
Herbalife Nutrition Ltd.’s marketing mix focuses on a hybrid pricing strategy to maximize
the value of its products. The marketing combination Herbalife Nutrition Ltd prices its
products using a combination of techniques, which are detailed below:
Pricing is more expensive.
Herbalife Nutrition Ltd encourages favorable brand and product perceptions in target
consumer groups by using premium pricing for some of its product lines. Premium
pricing for products also encourages consumers to have a positive perception of the
quality of Herbalife Nutrition Ltd products. Herbalife Nutrition Ltd has successfully made
some of its product ranges exclusive by restricting sales and production with premium
prices. This, in turn, creates a perception of luxury in consumer goods.

Premium pricing adds a sense of exclusivity and high value to Herbalife Nutrition Ltd
products.
Herbalife Nutrition Ltd has been able to maintain significantly high profits and consistent
business growth by incorporating premium price elements into other product lines.
Herbalife Nutrition Ltd.’s marketing strategy emphasizes the importance of promotional
tactics and strategies. The promotional strategies enable Herbalife Nutrition Ltd to
interact with and influence consumers directly.

Herbalife Nutrition Ltd approaches its promotional activities from all angles, employing
the following methods:
Marketing via the internet
Herbalife Nutrition Ltd maintains corporate profiles on all major social media platforms
and portals. Herbalife Nutrition Ltd uses its social media presence to engage with
customers directly. This direct engagement and interaction enable Herbalife Nutrition
Ltd to better understand its customers' needs and desires. Herbalife Nutrition Ltd
incorporates this feedback into its overall marketing and organisational strategy.
Herbalife Nutrition Ltd also has a corporate website, which features company
information, product information, and information about any ongoing campaigns and
sales.

Programs for Reward

Herbalife Nutrition Ltd offers a customer loyalty card programme.
Customers can use the loyalty card to exchange points for products or other exciting
gifts as directed by the company. Herbalife Nutrition Ltd enters each purchase into the
loyalty card and assigns points based on the monetary value of the product. Herbalife
Nutrition Ltd offers the loyalty card for purchase or as a free gift with high-value
purchases. Herbalife Nutrition Ltd rewards frequent usage and purchase of products
with a loyalty card.

Influencers in the Community

Herbalife Nutrition Ltd uses community influencers as part of its on-the-ground
promotional efforts. Herbalife Nutrition Ltd seeks out strong and confident people to
serve as brand ambassadors in their communities. Herbalife Nutrition Ltd provides its
product line to these brand ambassadors and community influencers and invites them to
try it for themselves to see the benefits.

Traditional marketing
Advertisements are placed in consumer magazines by the company. This includes a lot
of home decor and home management magazines. Magazine advertisements are not
frequent, but they appear twice a year. Herbalife Nutrition Ltd also uses out-of-home
hoardings in high-density areas. Hoardings increase Herbalife Nutrition Ltd's visibility
while also helping to strengthen brand recall. Herbalife Nutrition Ltd also creates
television commercials. All television commercials have an emotional appeal. Herbalife
Nutrition Ltd's television commercials have evolved to include real-life elements and
characteristics. Herbalife Nutrition Ltd's television commercials also emphasize the
product's functional benefits.

Marketing by direct contact

Direct marketing, as opposed to advertising, targets prospects and customers.
Companies use various forms of direct marketing such as social media marketing, email
marketing, and internet marketing. They have recently become more important in the
promotional mix as people use the internet far more than they did a decade ago.
Companies use direct marketing to communicate with their customers in one-way about
product announcements, special promotions, order confirmations, and customer
inquiries.

Promotions for Sales and Marketing

Sales promotions are one of the most common types of company promotions. Their
primary goal is to increase purchasing and sales. While it has the potential to boost
sales, it is also useful for informing prospects about new products on the market or
simply recapturing old or lost customers. Coupons, product samples, and so on are
some examples.

Conclusion: In order to succeed with your promotional mix, you should look at what
your competitors are doing. This does not imply that you should copy them because
doing so will not benefit you at all because each company has its own identity.
Monitoring their advertisements, promotions, and special events may provide you with a
guide on how to promote and differentiate yourself through the promotional mix.
3rd Answer
3a.

Introduction: The consumer decision process refers to the stages of decision-making

that a consumer goes through before, during, and after purchasing a product or service.
It is also referred to as the buyer's journey, the buying cycle, the buyer funnel, the
consumer purchase decision, and the buyer's decision process. In other words, there
are numerous causes of product recognition problems, such as dissatisfaction, out of
stock, and new needs or desires. In terms of mobile phones, they are no longer just a
device, but also a fashion statement. Some customers see their out-of-date mobile
phone as a problem. Consumers may perceive that their mobile phone has a problem
that needs to be resolved for a variety of reasons. As previously stated, these reasons
could be rational or irrational. For example, a new phone release, current mobile phone
not working properly, dissatisfaction with current mobile phone, or desire for a new
mobile.

Concept and Application:

Look for information
When customers notice that their current product is not as it should be, it indicates that
a problem has been identified, and they will seek out valuable information to solve it.
This process is known as information search; if people do it before purchasing a
product, it is known as pre-purchase search. There are two types of information
searches: internal searches and external searches. Internal search is when consumers
seek information from their own memories, because they may already have some
limited knowledge of the product they intend to purchase, or they may have previous
experience with a similar product. Consumers obtain information from family, friends,
and company advertisements through external search.

Consumers' purchase intentions are already quite strong during this process, with only
the brand's choice causing hesitation. These brands are classified into three types:
Evoked set, Inert set, and Inept set. The Evoked set is defined as brands that have a
positive image in the minds of consumers, whereas the Inert set is defined as brands
that are negative and already out of the consumers' choice. When a brand lacks a
distinguishing feature, consumers are less likely to choose it.
In terms of mobile phones, if a consumer is satisfied with the brand of their current
phone, they may look for another of the same brand's new products; otherwise, they will
choose another. Brand awareness is defined as the power of the brand's existence in
the minds of consumers, and it is an important component of brand equity. Evaluative
criteria appear on the step, and consumers consider some competing options. There
are some secondary differences between those specific products, for example.
Consumers must select some of these features, which are known as determinant
attributes.

In the case of mobile phones, similar characteristics phones may have different
secondary features. For example, two identically priced mobile phones; one has a
higher quality camera, but the other has nicer speakers. Because those products are
already on their list, consumers will generally choose one of those determinant
attributes as their purchase decision.

Conclusion: It can thus be concluded that the population of people who use mobile
phones today has grown enormously. Because of the size of the market, every
company should have a competitive advantage over other mobile phone companies. As
a result, it is preferable for a company to focus more on consumer decision-making in
terms of mobile phones.

3b.

Answer:

Introduction: Fintech marketing is a new marketing category that encompasses all of

the tactics and tools used by fintech companies to increase demand, customer loyalty,
and business growth. Gamification is simply the application of gameplay principles and
game design elements in non-game environments. So, how does that relate to
marketing? There are several ways to accomplish this, but the most common are as
follows:

Concept and Application:

- Hold competitions and award prizes
For example, reward points for referrals and completed purchases/transactions.
Gamification is commonly used in fintech pre-launch campaigns to generate buzz,
awareness, and new users.

Referral, affiliate, and influencer marketing are all variations on the traditional marketing
principle of forming alliances with third-party'marketers' or 'influencers' and incentivizing
them to promote your products or services by paying them a commission for each
conversion they generate. Professional marketers and media owners (for example,
comparison sites) can be affiliates, as can industry bloggers and influencers.
Affiliate programmes are a common growth tactic in fintech, typically used at launch as
part of a go-to-market strategy, and are one of the best ways to gain quick and direct
access to your target market while also earning consumer trust.
That is yet another marketing jargon. Experiential or experience marketing involves
physically connecting or engaging with your target audience by providing them with a
one-of-a-kind physical experience with your brand. Experiential marketing is a popular
consumer tactic; for example, consider a popular ice cream brand hosting a pop-up
workshop where you can make your own ice cream.

However, we've seen many service companies, both in the tech and finance industries,
successfully use it to generate buzz and boost sales.
Partnership marketing is a broader concept of collaboration marketing that includes the
previously mentioned affiliations as well as licensing, co-branding, sponsorships,
product placements, joint ventures, content sharing, and so on. And it all comes down to
collaborating with a third party, a business, or a brand associated with a market
segment you want to sell to. Partnership and joint-marketing tactics are frequently used
by businesses in fintech during the pre-launch stage to test the market and validate
product concepts.

Creating a community is one of the most effective ways to foster loyalty and strong
emotional long-term relationships because it addresses one of the most fundamental
human needs: a sense of belonging and sharing. Many successful fintech startups,
such as Revolut, Monzo, 11: FS, and Finimize, have used this strategy to focus their
efforts on building strong brand communities that drive product development, client
retention, and growth, such as asking customers to suggest and name future products,
provide feedback on existing offerings, join open BETA groups and Live Q&A sessions,
and attend community meet-ups.

Conclusion: Because the industry is already saturated with 'tips and tricks' and 'five
things you should know about' content, people are looking for more solid, in-depth
pieces of real-life examples and use cases of what worked and what didn't. Following
this trend, the brand can concentrate on producing targeted and edgy editorials that
have little to do with its technology and more to do with its target audience, and go far
beyond advice.