Business Essentials (12th Edition) (What's New in Intro to Business)
12th Edition
ISBN: 9780134728391
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 12, Problem 12.10AE
Summary Introduction
To select: A product and analyze the pricing objectives.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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.
What is the main reason for establishing pricing objectives?
a. to give direction for price movements over the product life cycle
b. to define the initial pricec. to establish a good understanding of the market and the needs of the consumerd. to interact with the other elements of the marketing mix
Select a basis for pricing your product (cost, demand, and/or competition). How will you know when it is time to revise your pricing strategy?
Chapter 12 Solutions
Business Essentials (12th Edition) (What's New in Intro to Business)
Ch. 12 - Prob. 12.1QRCh. 12 - Prob. 12.2QRCh. 12 - Prob. 12.3QRCh. 12 - How is the concept of the value package useful in...Ch. 12 - Prob. 12.5QACh. 12 - Prob. 12.6QACh. 12 - Prob. 12.7QACh. 12 - Prob. 12.8QACh. 12 - Prob. 12.9AECh. 12 - Prob. 12.10AE
Ch. 12 - Prob. 12.11ACh. 12 - Prob. 12.12ACh. 12 - Prob. 12.13ACh. 12 - Prob. 12.14ACh. 12 - Prob. 12.15ACh. 12 - Prob. 12.16TECh. 12 - Prob. 12.17TECh. 12 - Prob. 12.18TECh. 12 - Prob. 12.19TECh. 12 - Prob. 12.20TECh. 12 - Prob. 12.21EECh. 12 - Prob. 12.22EECh. 12 - Prob. 12.23EECh. 12 - Prob. 12.24EECh. 12 - Prob. 12.25CCh. 12 - Prob. 12.26CCh. 12 - Prob. 12.27CCh. 12 - Prob. 12.28CCh. 12 - Prob. 12.29CCh. 12 - Prob. 12.30CCh. 12 - Prob. 12.31CCh. 12 - Prob. 12.32CCh. 12 - Prob. 12.33C
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- The advantage of using the cost-plus pricing strategy is: Select one: a. It considers market and customer information b. It ensures that the business covers all product costs and earns a profit. c. It removes any costs that do not add value to the product. d. It looks at the relationship between price and quantity demand.arrow_forwardBriefly explain, and provide an example of, the four types of markets companies must consider for pricing decisions. Are these markets relevant for all types of products?arrow_forwardList 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?arrow_forward
- choose a product that you have purchased recently. Research and investigate this product on the Internet and in the marketplace. Evaluate the marketing mix (product strategy, pricing strategy, distribution strategy, and promotion strategy) used by the manufacturer of this product. At a minimum, consider the following questions in your investigation: Product Strategy : In what category of consumer products (convenience, shopping, or specialty) does this product fall? Why? At what stage is this product in the product life cycle (introductory, growth, maturity, decline)? Why? What role, if any, did branding (brand name, symbol, slogan, etc.) play in your selection of this product? Why? What role, if any, did packaging play in your selection of this product? Why? Evaluate the quality of the product in terms of quality level and product consistency. Promotion Strategy : Identify the various media used to promote/advertise the product. Did other promotional tools (sales promotion,…arrow_forwardA study indicated that the optimal price for a consumer product is $32.45. Most products in the market sell for $29.99. What price would you suggest to retailers for selling the product and why? 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?arrow_forwardChoose a product, develop a marketing mix, competitve advantage, pricing, media strategy You will need to choose a product that you would like to market: Using the Internet, you will need to develop all of the following: 1: A marketing mix and a competitive advantage for the product 2: A consumer survey designed to help determine the marketing mix and competitive advantage 3: A product line with at least two additional products in your line 4: A pricing strategy, a price, and a rationale explaining the price of each of your products Remember to consider turnover, competition, and elasticity of demand in your strategy 5: A contingency plan in case your product does not sell at the initial price along with a rationale for your plan 6: A media strategy for marketing the product including an image and position to be developed, types of promotion to be used, and media to be used Remember to specify the advantages of the chosen media, frequency, and continuity to be usedarrow_forward
- Suppose you have been asked by a food company to design an experiment that examines consumers’ purchase intentions toward their product (i.e., cereals), as a result of their recent pricing strategies (i.e., low price, high price) and product quality (i.e., organic offerings, nonorganic offerings) strategies. Basically, they would like to know the best combination of product quality offering and pricing strategy that yields the highest levels of consumers’ purchase intentions. How would this experiment look like? When working on this assignment, you should consider the following: Subjects: The experiment participants should be customers who consume significant breakfast cereals and are diverse in terms of income group, age group and work type. Experimental conditions: Independent variables – quality (categorical), price Dependent variable – Propensity to pay Effects: The main effect shall be impact of independent variables on propensity to pay such as how much affect does quality or…arrow_forwardWhen appropriate and space permits, the price strategy section of a marketing plan would include a Multiple Choice marginal analysis. situational analysis. diversification analysis. SWOT analysis. break-even analysis.arrow_forwardWhen is a business most likely to adjust the marketing mix of a product? If costs change If customer needs change If management changes If Price changesarrow_forward
- HOW WOULD THIS MARKETING CONCEPTS AFFECTS THE PRICING STRATEGY OF THE COMPANY?arrow_forwardChoose a consumer product with which you are familiar. For that product, discuss its pricing strategy. What other strategies could work for that product? Did the company use cost-plus, full-cost, or incremental cost in its strategy?arrow_forwardWhich pricing objectives will you use for your product? Consider the product life cycle, competition, and product positioning for your target market during your discussion. PlayStationarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill Education
Management (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSON
Business Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSON
Fundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON