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Read the WSJ article "The Price You Pay for Water at the Airport" and discuss how the 3Cs impact ai

Questions and AnswersPosted On:2023-10-10 12:19:17Viewed:122

Read the WSJ article  "The Price You Pay for Water at the Airport" and discuss how the 3Cs impact airport prices for bottled water.

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StudyOkk

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Last updated on:2023-10-10 12:19:17

The article was written by WSJ "The Price You Pay for Water at the Airport" is impacted by the 3C's or strategic triangle which stands for the customers, the competitors, and the corporation.

Step-by-step explanation

The 3C's or strategic triangle stands for the customers, the competitors, and the corporation is the key factor in creating a strategic marketing strategy. The article "The Price You Pay for Water at the Airport" written by WSJ also shows how the 3C's were used as their marketing strategy. Airports know that their target consumers are travelers, businessmen, or any people who afford travel tickets meaning to say people with above-average income. The airports came up with their pricing by analyzing of target market's demographic, psychographic, need, and competition. It is based on how their customers are dealing with their living expenses whether they are high or average paid citizens.  Airports also know that water is essential and took advantage of the market need by labeling a higher price than the usual. Competition is also a factor in how they priced their water. They say that sports arenas, hotels, and amusement parks are offering higher prices for water and concluded that it is ok to offer water pricing of more than $5 in airports. They also noted that retailers are buying products in bulk orders that lessen their spending while airports have small storage areas and don't have the ability to buy bulk products that result in higher pricing. With this inline, Airports are impacted by 3C's by analyzing their customers, their competitors, and their corporation then coming up with their bottled water pricing based in their research and observation. 


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