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A: Every company must develop a long-term plan, life cycle which discovers the essentials of what is ne...
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Q: what is marketing?
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A: Option C
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A: Buying Behavior is the decision processes and acts of people involved in buying and using products. ...
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A: А teсhnique used fоr рrоmоting а рrоduсt where the infоrmаtiоn оf the рrоduсt оr servi...
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A: New product development is an eight step process which involves all the key elements required for d...
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A: The correct option is option D. Promotion.
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A: 1.) False
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A: Consumer buying behavior is the study of individuals, groups, or organizations and the processes the...
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A: Classical Conditioning Theory - It's a theory of psychology referring to learning via repetition and...
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A: Public relations refers to the initiative taken by the firms to engage with customers and public at ...
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Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
A haute cuisine restaurant is opening down the street, and its owner asks you for advise on pricing. Should you suggest that the restaurant price an appetizer at $6.99 or $7, and why? |
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- short answer A total product offer consists of everything consumers evaluate when choosing among products, including price, packaging, service, even brand reputation. What factors do you consider when evaluating the total product offer of a product (good or service)?Why 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?Some 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?
- 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.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?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.
- Consider the advertisement for a gutter cleaning service shown below. What is the external reference price in this ad? According to the course material, an advertisement could attempt to frame a price as a single loss, as two losses, as a gain and a loss, or as a gain foregone. Which one of those framings is this advertisement attempting to accomplish? Explain your reasoning. If your internal reference price for gutter cleaning service was $125, how would you perceive this advertised price of the company’s gutter cleaning service? Would you perceive it as a single loss, as two losses, as a gain and a loss, or as a gain foregone? Explain your reasoning.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? Over the past several years, careful shoppers may be spending about the same amount of money at the grocery store but leaving the store with a lighter load in their grocery bags. Food prices on many items have increased, and food manufacturers are facing the same challenges as consumers. With increases in raw materials and transportation, making a profit requires a very sharp pencil. According to Phil Lempert, editor of SupermarketGuru.com, “The reality is, if you look at USDA projections, food is going to get more expensive. And as a result, food companies are going to do one of two or three things: Raise prices and keep packages the same, or reduce the quantity in the package. Or do a little of…What is the purpose of charging different groups of customers different prices? Supplement the three broad examples in the Last Word with two additional examples of your own. Hint: Think of price discounts based on group characteristic or time of purchase.
- You have taken a summer job in the windows and doors department of a large home improvement store. During sales training, you learn about the products, how to best address customers’ needs, and how to sell customers the best product to fit their needs regardless of price point. One day your manager informs you that you are to recommend Smith Windows to every window customer. Smith Windows are more expensive and don’t really provide superior benefit except in limited circumstances. The manager is insistent that you recommend Smith. Not knowing what else to do, you recommend Smith Windows tocustomers who would have been better served by lower-cost windows.The manager rewards you with a sales award. Later the manager tellsyou that he received an all-expenses-paid cruise for his family fromSmith Windows. What, if anything, should you do with this information?Explain how brand of a commonly purchased consumers packaged good, such as toilet tissue, could be skim-priced?Your management has requested you to suggest different types of food retailers for new retail investment. Based on any THREE (3) different types of food retailers of your choice, evaluate their characteristics in reference to (1) the size of stores, (2) the variety and assortment of the merchandise, and (3) the pricing method.