Practical Management Science
Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Forecasting
Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In …
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Q18

15. Most airlines offer the same service with very little differentiation. Air travel is usually infrequent and often involves a fairly high expenditure. Given these facts, consumers often shop for the best, lowest price. Such consumer behavior is best described as. a. Habitual Complex b. Variety Seeking d. Dissonance Reducing 16. Southwest Airlines sticks to a very basic, no-frills model – just the flight at a reasonable cost. Shuttle by United tries to build upon the basic flight by offering other benefits such as first-class seating and other amenities. These additional amenities might best be described as: a. Actual Product b. Product Attributes d. Extended Product c. Core Product 17. Augustine Medical is faced with a decision about how to price the Bair Hugger heating system. What we know is that it doesn't have a patent on the blower and it is easy to copy, so competitors are likely to enter the market. What kind of new-product pricing strategy do you recommend for the BLOWER? a. Market Penetration c. Market Skimming b. Premium d. Deep Discounting 18. Augustine DOES have a patent on the disposable blanket, so it is not easily copied. Even if they price it very high (10 times more than cost) they still are priced very competitively in the marketplace. And they can always lower the price on this unique product gradually over time. This describes what kind of new product pricing strategy? a. Market Penetration c. Market Skimming b. Premium d. Cherry Picking
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Transcribed Image Text:15. Most airlines offer the same service with very little differentiation. Air travel is usually infrequent and often involves a fairly high expenditure. Given these facts, consumers often shop for the best, lowest price. Such consumer behavior is best described as. a. Habitual Complex b. Variety Seeking d. Dissonance Reducing 16. Southwest Airlines sticks to a very basic, no-frills model – just the flight at a reasonable cost. Shuttle by United tries to build upon the basic flight by offering other benefits such as first-class seating and other amenities. These additional amenities might best be described as: a. Actual Product b. Product Attributes d. Extended Product c. Core Product 17. Augustine Medical is faced with a decision about how to price the Bair Hugger heating system. What we know is that it doesn't have a patent on the blower and it is easy to copy, so competitors are likely to enter the market. What kind of new-product pricing strategy do you recommend for the BLOWER? a. Market Penetration c. Market Skimming b. Premium d. Deep Discounting 18. Augustine DOES have a patent on the disposable blanket, so it is not easily copied. Even if they price it very high (10 times more than cost) they still are priced very competitively in the marketplace. And they can always lower the price on this unique product gradually over time. This describes what kind of new product pricing strategy? a. Market Penetration c. Market Skimming b. Premium d. Cherry Picking
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