MARKETING
7th Edition
ISBN: 9781260087710
Author: Grewal
Publisher: RENT MCG
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Chapter 1.3, Problem 1PC
Summary Introduction
To determine: Does selling at low cost signifies providing good value.
Introduction: Marketing is an art in which a seller sells his goods and services to his customer. Marketing has important four elements which are price, place, product and promotion.
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- Describe information that consumers may perceive from price. For example, some consumers think that if an item has a high price, then it will probably be better than its competitors. That may or may not be true.arrow_forwardNo chatgpt answer suppose that a $12 per unit tax is placed on buyers. The share of the tax borne by sellers will be?arrow_forwardIf a firm can increase its total revenue by raising its price, shouldn’t it?arrow_forward
- Look at some real estate want ads in your newspaper. Enter the price of a two-bedroom home and a three-bedroom home. If you find some abbreviations you do not understand, ask your teacher.arrow_forwardWhy should a purchaser evaluate the cost of making an item instead of simplyevaluating the purchase price? Is this true for all types of products? Why or why not?arrow_forward2. What will buyers can give to sellers in return?arrow_forward
- 2. What do you think are the advantages and disadvantages of discounts in the following: a. Buyers b. Sellers c. Competitive Marketarrow_forwardSome high-fashion retailers, notably H&M and Zara, sell what some call“disposable fashion”—apparel priced so reasonably low that it can bedisposed of after just a few wearings. Here is your dilemma: You havean important job interview and need a new suit. You can buy the suit atone of these stores for $129 or at Brooks Brothers for $500. Of course,the Brooks Brothers suit is of higher quality and will therefore lastlonger. How would you use the two value-based approaches describedin this chapter to determine which suit to buy?arrow_forwardWhat elements are consumers likely to consider when evaluating the purchase price of a product they want to own compared with the price of renting that product for a limited time?arrow_forward
- How is the information provided by shadow prices clearly valuable to management?arrow_forwardTo what extent is the price most important factor in ensuring a company can maximise profits?arrow_forwardYou are a salesperson for "Mr. Coffee"...your business is supplying offices and businesses with coffee makers (regular and single use), coffee, tea and supplies. You are visiting a potential new customer, Wilson Sales Ltd., who is having problems with their current supplier of coffee (a competitor of yours called Coffee Unlimited). Because of the current supplier, Wilson Sales Ltd. often runs out of coffee, sometimes the machines break down, employees & guests wait a long time...what are 2 each of Situation, Problem, Implication & Need-Payoff questions that you can ask?arrow_forward
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