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The Concept of Pricing Strategy Assignment Help

You are a new owner for Vanda Laye Corporation. You are interested in your company's cost and revenue relationships as well as its future pricing strategies. Analyze how the Utility Theory can help you determine pricing as you make changes to the companies pricing strategies. Evaluate what information is needed to assess the company's cost and revenue relationship. What does this information tell you about the company? Explain the impact supply and demand has on the company's pricing strategy

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Analyze how the Utility Theory can help you determine pricing as you make changes to the companies pricing strategies.

Utility theory details theeconomics postulation for explaining an individual's behaviour and ranking their choices based on their preferences. In short, this theory explains the observed behaviour and choices of an individual. In the present scenario, utility theory helps to determine the pricing of Vanda Laye Corporation by analysing the benefit of the investor through the portfolio performance. In this context, the theory helps to decide the pricing strategy on the basis of the supply-side and demand-side. Thus, the utility concept is used by most of the business owners to fix prices, considering consumer tastes and preferences (Karni, & Schmeidler, 2016).

Evaluate what information is needed to assess the company's cost and revenue relationship. What does this information tell you about the company?

For calculating the total value of a business venture, it is necessary to determine the relationship between the cost and revenue of the company. The total profit is equal to the difference between the company's total revenue and total cost. In order to determine the relationship between cost and revenue, it is necessary to identify the volume of products produced and sold. The cost of production and the cost of selling goods are to be considered while determining the relationship (Ng, Ye, San Ong, & Teh, 2017). The impact of quantity and cost for production and selling goods can be further expressed in terms of graphs, algebraic equations, and tables.

A better approach of focusing on the revenue and cost relationship is to key off the net profit margin. As the revenue increases, it is expected that more money will fall to the bottom line. Additionally, the above-mentioned factor quantity and selling price should be high to gain high revenue. This will eventually produce a high profit for the company.

Explain the impact supply and demand has on the company's pricing strategy.

The law of supply and demand for any product or service determines the pricing strategy for the company. There exists an inverse relationship between the supplies and pricing, demand is considered as constant. With an increment in supply and constant demand for goods or services, the price tends to drop down to a lower equilibrium price along with a higher equilibrium quantity. On the other hand, if there is a reduction in supply quantity with constant demand, the price tends to increase to a higher equilibrium price along with a lower equilibrium quantity (Madani, & Rasti-Barzoki, 2017).

Similarly, with an increase in demand and constant supply, there will be an increased equilibrium price along with higher quantity. With a decrease in demand and constant supply, there exists a loyal equilibrium price along with lower quantity. The supply and demand affect the attainable revenue model reflects that the pricing for a good or service is the level of equalization between quantity demanded and quantity supplied. Thus, if the company operates in a competitive market the pricing strategy should we fixed according to customer's demand.

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