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Innovative Pricing Strategies for SweetRiot and Kriser’s Pet Supplies

Explore the effective pricing strategies employed by SweetRiot and Kriser’s Pet Supplies. SweetRiot emphasizes market penetration pricing to enhance competitive advantage and build brand image while introducing customer loyalty programs to boost return visits and spending. Meanwhile, Kriser’s adopts a price lining approach to target diverse consumer segments and offers bundled services to increase perceived value. Both brands showcase how thoughtful pricing can shape customer loyalty and drive sales in their respective markets.

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Innovative Pricing Strategies for SweetRiot and Kriser’s Pet Supplies

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  1. What’s Your Price? Feline Gondokusumo Stephanie Yee-Ming Hung Rohan Ishwarlal Philson Nah Tay Qing Lun

  2. SweetRiot • Humane, globally responsible and built for a new generation. • Premium, high quality, and all-natural ingredients. • Believes in fair trade with developing countries. • Celebrates culture and diversity through our products. • Creates sweet experiences for our customers, partners and employees. • Young at heart, energetic, down-to-earth and contribute to the greater good

  3. Kriser’s • All Natural Products • Bulk of sales come from dog grooming services • Other products & services include: • Pet food • Skin-care products • Blueberry facials

  4. Current Pricing Strategies Sweetriot Premium chocolates: prices of other company’s ranged from $2.99 - $7.99 Endline priced her one-ounce tins of chocolate cacao beans at $4.99 Kriser’s • Set dog grooming prices at $46 • Noticeably lower than other pet groomers

  5. Question 1 Why Underprice? Connection between price and company image

  6. Why underprice? • Market penetration pricing to achieve: • Competitive advantage • Gain market share/acceptance • Higher sales volume

  7. Product Life Cycle

  8. Price conveys Image

  9. Example - Lyn Gaylord accessories “ I priced too cheaply and people weren’t sure my belts were special.” – Gaylord

  10. Question 2: SweetRiot Suggested pricing strategies How to implement them

  11. SweetRiot’s Pricing Strategy • Engage in price lining Impact: • Target a wider group of consumers • Increase sales while maintaining premium image • Increased revenue and profit margin

  12. SweetRiot’s Pricing Strategy • Introduce a loyalty program Impact: • Cultivates customer loyalty – returning customers • Encourage greater spending – to accumulate points • Increased sales without directly reducing prices

  13. FOR YOUR PET'S ALL-NATURAL LIFE Question 2: Kriser’s Pet Supplies Suggested pricing strategies How to implement them

  14. Kriser’s Pricing Strategy • Stop market penetration strategy • Engage in price lining Impact: • Gloss issue with underpricing • Target different consumers • Increased revenue and profit margin • Discount strategy using loyalty program Impact: • Develop customer loyalty – customers spread good word • Customers buy more • Increased revenue with more customers

  15. Kriser’s Pricing Strategy • Bundling of dog-grooming services and pet supplies Impact: • Increase perceived value of services and products • Bind customers to dog grooming services • Increase consumption of services • Increased revenue and profit margin • Odd pricing Impact: • Efficacy is in doubt – but no harm trying • Possibly increase revenue and profit margin

  16. Do you have any questions?

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