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- List the general approaches to pricing. Select examples of products that you regularly use. i. Notice the price of each of these items For each item, ii. State the main benefits you are looking for in using the product. iii. Does the price communicate the total benefits sought? iv. Does the product’s price suggest good value? v. Do you think the manufacturer or retailer is overcharging or undercharging consumers for the product?Some firms have profit as a pricing objective, whereas others set prices forcustomer satisfaction. What are the major differences between these two?Which is better?Competitive advantage can be gained through options A. Skimming pricing strategy B. Focusing on distribution of your products in large retail stores C. Customer service enhancements D. Strategically following a low cost strategy
- The cost to produce the shake is relatively low, with total manufacturing costs running about $0.05 per ounce. Each shake is eight ounces. What pricing strategy do you recommend for this product?Week after week, consumers shop for many of the same groceries. At some point, the product may be priced the same and look the same as before but with less in the package. If consumers are not made aware of the change, is this deception? Is this different from deceptive pricing? Explain.Recall your past experiences. Have you been given discounts for goods youbought? When and in what occasion? When do sellers give discount? Give anexample and illustrate how it is computed. Give also an illustration of how selling price is determined.
- Insights about "Good pricing involves finding a balance between the customer's desire to obtain good value, and the company's need to cover costs and earn profits"Value-based pricing is the reverse process of Select one: O a. good-value pricing b. cost-based pricing c. cost-plus pricing d. variable cost pricing7) Explain how the pricing of microwave ovens has changed over time as the product goes through its life cycle. 8) Describe the characteristics of the earliest and latest adopters for a new hand-held organizer. 9) Identify and explain the three variations from a standard product life cycle.
- Does "value" mean the same thing as "low price"? How do these concepts differ? Pick two competing brands from a familiar product category (watches, perfume, consume electronics, restaurants) - one low priced and the other high priced. Which, if either, offers the greatest value? Why might the strategy for setting a product's price need to be changed when a product is part of a product mix? What are the five product mix pricing strategies? Provide an example of each. (4 points) Alicia is a self-employed hair stylist who owns her own salon. She has asked you to consult with her on how to generate more revenue. Using the price adjustment strategies discussed in the chapter, advise Alicia on her options to increase sales. Please be detailed in your response with why you are choosing each.the challenge with using this pricing scheme is determining an accurate relationship between the price per unit and the quantity demanded. a. market-based pricing b. cost plus pricing c. percentage of mark-up d. target costingCreate a poem that contains the information about the factors affecting pricing decisions.