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.