October 29 - November 4 Question 1

Some of the different marketing strategies that I’ve encountered in the past week would be pricing strategies and name brand strategies. First off, pricing strategy is the strategy of cutting the price of a particular product in order to up the consumption of this product. Where I encountered this was in the workplace. I currently work at Andersen’s Bakery at Valley Fair Mall and we just lowered the price of an item called the strawberry pastry. We did this to increase the profit made from this product. Even though we lower the price, more of the product is bought and therefore, we generate more income from the strawberry pastry. The strategy of name brand is a strategy in which companies will come up with either a catchy phrase or a name that just seems to run off the tongue easily. These types of names will spread like a wild fire among the consumers of the world. For example, the name American Eagle has an almost patriotic touch to it. The product and the name brand are so appealing that people from all over the world come to buy clothes from this store. These strategies help generate income and in a sense, trick the public into spending money.