TASK 2
What should be my focus in Pricing?
TWO CHOSEN WELL-KNOWN CORPORATION IN THE PHILIPPINES:
1. Jollibee Corporation
2. Mitsubishi Motors Corporation
1. Jollibee Corporation
A. Pricing Objectives
The Jollibee Foods Corporation (JFC) owns the international
fast-food restaurant business Jollibee. Tony Tan Caktiong founded Jollibee
in 1978, and ever since, the company has dominated the Philippine
market. Jollibee is a fast-food establishment in the American style that
specializes in chicken, burgers, and spaghetti as well as a number of
Filipino-inspired specialties. Given that they are aware of Filipino taste,
Jollibee's products stand out from the competition.
One of the pricing objectives of Jollibee is customer-related. Since
Jollibee is a well-known restaurant in the Philippines, most of its customers
are kids or children. It is customer-related because Jollibee adjusts their
menus to suit the preferences of its local customers. They focus on local
products like their best-selling fried chicken and their delicious ice cream
which catches the attention of their customers. They maintain these
products of theirs in a high quality yet affordable price to satisfy the
demands of their customers.
Aside from customer-related, competition-related is also their
pricing objective. Jollibee is a price taker corporation, they keep the
prices of their products in line with the competitor’s price. Because of that,
Jollibee won’t have problems with the barrier to entry in the market. Since
Jollibee has high-quality products with a promising taste at a budget
friendly price, their products are cheaper enough to attract customers
than their competitors.
B. Benefits
Due to their pricing objectives, Jollibee maintained its popularity
and sales-growth. Filipinos still crave and love their products, most
especially their fried chickens. Up until now, their success over the years
has never been a failure. They maintain themselves as the market leader
in the Philippines because of their objectives. Even overseas, Filipinos still
look for Jollibee to satisfy their hunger.
2. Mitsubishi Motors Corporation
A. Pricing Objectives
Mitsubishi Motors Corporation (Mitsubishi Motors) creates general
and small-sized passenger vehicles, mini-vehicles, sport utility vehicles,
vans, trucks, and automobile parts. It also develops, designs, produces,
assembles, and markets these vehicles and their components. Leasing,
finance for car sales, and insurance for car damage are among the
services offered by the organization. Additionally, it deals with the buying
and sale of second hand cars, as well as their component, replacement,
and accessory parts. Mitsubishi Motors offers lease alternatives and
financial services for its products. Through its subsidiaries and branch
offices, the corporation operates throughout Asia, North America, Latin
America, Oceania, Europe, the Middle East, and Africa. The headquarters
of Mitsubishi Motors are in Tokyo, Japan.
Their pricing objective is to skim the cream from the market. Since
they are the price maker, the corporation can charge high prices. Aside
from them being the price maker itself, they also provide several services
which others don’t. Their corporation is known to be a conglomerate one.
Even though they set their price at a higher rate, some consumers still
purchase their products. Their pricing objective is to maximize profits from
the beginning.
B. Benefits
Using its current pricing objective, Mitsubishi Motors continuously
grows and stays competitive. Even if they set their products at a higher
price, they still attract customers because of what they can do and offer.
They constantly received various awards and achievements throughout
the years. They still offer promising products and services to consumers
and earn their trust and interest.
