Although not completely related to pricing strategy, the decision of many stores to open earlier and earlier on Black Friday, and now even on Thanksgiving day is quite controversial, although many times when one store in a category opts to open, others follow out of fear of losing out on early sales. This year, many stores that opened at 8 p.m. last year are opening at 6 p.m. this year on Thanksgiving, and K-mart is opening at 6 a.m. Thanksgiving morning. Read this brief article from Time.com about “Black Thursday.”.com/money/3556863/thanksgiving-hours-closed-black-thursday/?xid=timefb”>http://time.com/money/3556863/thanksgiving-hours-closed-black-thursday/?xid=timefb
Some argue that it gives stores the jump on competition and allows them to increase sales, thus preserving the solvency of the business. Others say that it is wrong to take employees away from their families in hopes of earning more money. From a business standpoint, do you think it strategically more wise to open on Thursday or remain closed and promote the fact that you value your employee’s time with their families? Personally, where do you stand on this issue? Is it right/fair for companies to engage in Black Thursday Sales? Why or why not? Do you/would you take part in shopping on Thanskgiving day?
The Christmas shopping season is upon us (Help us All). This is the time of year that many retailers depend heavily upon for a relatively large portion of annual sales. A key component of how well a store does during this season is tied to pricing strategy–customers are actively shopping for the best deal.
Review in your book product-line pricing strategies, promotional pricing strategies, and psychological pricing strategies. What examples have you seen in the past during the Christmas shopping season, or what news can you find about this year’s pricing strategies of retailers during this season. Look for specific examples of captive pricing, bundle pricing, prestige pricing, price leaders, and so on, and discuss them here.
What examples of differential pricing (and which example of differential specifically–negotiated, secondary-market, periodic discounting, random discounting) can you think of? Do you think differential pricing is a good strategy? Why or why not?
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