Answered: Discuss how companies adjust their…

Business

Marketing

Discuss how companies adjust their prices to take into account different types of customers and situations.

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter8: Business Markets And Buying Behavior

Section: Chapter Questions

Problem 3DYMP

See similar textbooks

Related questions

Q: Purchasing department can determine the right prices by: Select one: Using cost structure of the…

A: Determination of the right value may be a troublesome task. it's the most object of any organization…

Q: One of the four Ps of marketing is price, explain in your own words, what elements are involved in…

A: Price is the cost to be paid by customers. Marketers must relate the price to the actual and…

Q: How is the information provided by shadow prices clearly valuable to management?

A: Shadow pricing refers to the pricing actual market value of money to the market fund as the value…

Q: Using the concepts learned on Price Determination, Forecasting and Production, explain how you can…

A: The production operation can be referred to as the manufacturing process which an organization…

Q: Explain the price-demand relationship. What factors must sellers consider when setting prices in…

A: The relationship between demand and price is as follows: If the price of the commodity is low, then…

Q: How street vendors initiating their price actions?

A: A street vendor is a person who offers something for sale maybe a physical product or service. The…

Q: Price strategy is one of important component of service marketing. Why is the pricing of services…

A: Various businesses which provide services do not come up with a good and fair and profitable price…

Q: HOW WOULD THIS MARKETING CONCEPTS AFFECTS THE PRICING STRATEGY OF THE COMPANY?

A: Holistic marketing plays a prominent role in the organization as has various benefits associated…

Q: In a business organization, describe how what a manager is referring to when speaking of “prices”…

A: Price and cost are generally used interchangeably in a business scenario, however these two are…

Q: Why should a marketer be aware of competitors’prices?

A: A person who is responsible for creating a connection between a consumer and the product is known as…

Q: What is meant by pricing? Describe any three strategies that can be done by firms if they do not…

A: Pricing strategies refer to the marketing strategy which is used to determine the prices of products…

Q: What are the five major categories of pricing strategies?Give at least two examples of specific…

A: Explanation:- When marketing a product, a company can employ a range of pricing tactics. Senior…

Q: Sellers pursue different strategies or approaches that affect the pricing of their products or…

A: Pricing strategies refer to the marketing strategy which is used to determine the prices of products…

Q: Sellers can influence or use consumers' reference prices when setting their product prices. * True

A: Sellers can influence or use consumers reference prices when setting their product prices.

Q: Choose a product that you patronize, examine well the characteristics of your chosen product and…

A: we have chosen a product such as some ovens include features such as self-cleaning, smooth…

Q: Discuss how the target cost concept of setting selling prices differs from the cost-plus approaches?

A: Target costing determines if a project will be profitable by calculating a predefined cost of…

Q: How likely is the sales manager will be successful in the short term in cut the price as strategy to…

A: Product's pricing is one of the main aspects of any marketing strategy. A company may either offer a…

Q: How do you protect retail stores from competitive threats in terms of Price Strategy?

A: If we look at the old school ways of shopping, then we will find the customers go to a retail store,…

Q: What are the longer-run Implications of cut the price strategy for sales manager and the business…

A: Pricing strategy Pricing strategy refers to the process by which businesses price their goods or…

Q: The most effective pricing strategy to use when there is a brand new product in the market?

A: Pricing strategy can be explained as technique which helps the company to price its products or…

Q: What role does market segmentation have in price structure?

A: Market segmentation means to divide the market on the basis of shared similar characteristics and…

Q: Moving on from Product to Price, review the following pricing strategies. A skimming strategy…

A: Pricing refers to a marketing strategy in which a marketer makes strategies to determine the price…

Q: How can patterns of temporary price discounts “train” consumers to stop buying at full price?

A: Discount mould consumer purchase decision

Q: Explain under what circumstances will a consumer be most likely insensitive to a product’s price

A: Price is more of a psychological concept where it acts as a perceived value in the eyes of the…

Q: Why is it important to review the objectives of a strategic marketing plan before setting a…

A: Setting a cost to coordinate objectives in a strategic marketing plan would incorporate gathering…

Q: Explain how businesses implement segmented pricing and discuss conditions necessary for success.

A: Selecting a model by using the right approach will help in completing the work with efficiency, so…

Q: Discuss the relationship of price to value. Does a low price necessarily mean a better value? Give…

A: Price - It is the amount paid by a customer to purchase a product or receive a service. Value - It…

Q: different times.

A: Discuss at least three markets where you think time-varying prices mainly help to take advantage of…

Q: How do you protect your retail store from competitive threats in terms of the Non-Price Strategy?

A: Definition : The non pricing strategy is the competition where a firm or an organisation tries to…

Q: Discuss the various roles prices played in production and marketing decisions

A: Marketing refers to the process of persuading customers to buy the appropriate product or services…

Q: How does the purchasing ability of consumers influence the pricing system deployed by businesses?

A: Purchasing power is the consumer's ability to purchase the products or services from the limited…

Q: In the AD-AS model, what impact will a decrease in money supply have on output and prices? Select…

A: In AD=AS approach the equilibrium position is to be found where the aggregate demand equals to the…

Q: Briefly explain, and provide an example of, the four types of markets companies must consider for…

A: A market gives the platform to buyers to purchase products that they need and sellers to sell…

Q: explain how companies find a set of prices that maximizes the profits from the total product mix.

A: A product mix refers to the total number of line of products that a company offers to the customers.…

Q: Describe how marketers use costs, demand, revenue, and the pricing environment to make pricing…

A: There are different organizations and industries that are active these days. There is digitalization…

Q: Discuss the following briefly. a. price wars b. Price psychology c. Market Pricing

A: Disclaimer: Since you have posted a question with multiple sub-parts, so as per the company…

Q: Islamic theory of Prices

A: The market theory, also known as "price theory," is a microeconomic philosophy that uses supply and…

Q: For Honda Motors, a passenger automobile manufacturer, could an increase in demand for cars or a…

A: Demand for a commodity refers to desire and capacity of an individual to purchase it, it is the per…

Q: Select a basis for pricing your product (cost, demand, and/or competition). How will you know when…

A: Price setting distresses the regular lives of the customers in several ways. The price of the…

Concept explainers

Financial decisions

Financial decisions are important choices that individuals and businesses make about how to use their money. Financial decisions can impact a person or company's short-term and long-term financial stability. Decisions like whether to save, invest, or spend money, whether to take on debt or what kind of insurance to purchase, are some common financial decisions. Decisions on how to manage risks, such as the risk of losing money if investments do not perform as expected or the risk of not having enough money saved for retirement, are also a part of financial decision-making.

Question

Discuss how companies adjust their prices to take into account different types of customers
and situations.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.

Similar questions

How does the price of the whole wheat pasta compare to the prices of similar products in the category?
Describe the current competitive market for your product. Can you identify the number of brands or the market share that they hold? Expand your analysis to include other products that are similar or could be substituted for yours.
In what ways can organizations leverage marketing research methodologies to intricately evaluate the multifaceted impacts of pricing strategies and promotional tactics, considering diverse market segments, competitive dynamics, and evolving consumer preferences, while navigating inherent complexities and uncertainties within the market landscape?
Why is it difficult to control cost related to marketing?
There are two main types of target markets. True or False?
List and briefly describe 4 variables from the external marketing environment. Provide a brief description of how each of the variable that you list may be able to influence marketing decisions. For example, if you include "technology" as one of your variables from the external marketing environment, you could describe the manufacturing of micro chips that are in many of the products that people use daily, i.e., the camera in your vehicle that shows you what is behind you when you back up uses a micro chip. Many chips are manufactured internationally. Recently, Congress supported legislation that enhances production of micro chips here in the United States. Accessibility to micro chips, enhanced product features, such as rear view alerts for drivers, also enhances product development and innovation. All of the example impacts several aspects of marketing. Then, in your answer, you would list at least two aspects of marketing that can be impacted based on the information in the…
Are consumers likely to respond to in-store price reductions?
some people believe that the higher a product is priced, the more likely it is that people will want to buy it .explore to what extend prices influence potential buyers and account for other factors that influence people to buy a product.
whats the common target market groups, their purchasing habits and the ways companies try to attract consumers to buy their product or service.
Why setting prices for business products is different from setting prices for consumer products?
All consumer buying decisions generally fall along a continuum of three broad categories:routine response behavior, limited decision making, and extensive decision making. Goods and services in these three categories can best be described in terms of five factors.Explain which are they?
Describe how consumers make purchase decisions and how they use and dispose of the purchased goods or services?