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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Module 8 Carmex (B) Setting the Price of the Number One Lip Balm

Module 8 Carmex (B) Setting the Price of the Number One Lip Balm

Q 1. Which of the four approaches to setting a price does Carmex use for its products? Should one approach be used exclusively? 2. Why do many Carmex product prices end in 9? What type of pricing is this called? What should happen to demand when this approach is used? 3. Should cost be a factor in Carmex's prices? What do you think is a reasonable markup for Carmex and for its retailers? 4. What is the difference between an EDLP retailer and a high-low retailer? Why does Carmex charge them different prices? 5. Conduct an online search of lip balm products and compare the price of a Carmex product with three similar products from competitors. How do you think the competitors are setting their prices?

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1. All the four approaches are utilized by Carmex because there is the demand of every customer fulfilled by offering of customized products. The overall approach of Carmex is to cater to the demands of customers. The income-oriented approach of Carmex is present to ensure that there is steady income earned by the organization by providing optimum quality in its products for customers. There is also presence of cost-oriented approach to ensure that there is as less money invested and spent as possible on obtainment of components of the products of Carmex. Wrapping of products is also done with as less money possible by Carmex.