Companies that set a low price for a new product in order to attract a large number of buyers and a large market share are using the strategy. O a. market-penetration pricing O b. market-skimming pricing O c. value based pricing O d. captive product pricing
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- Customers are more aware when they consider the price as a loss instead of a gain. a. price framing effect b. reference price c. price communication d. proportional price evaluationList 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?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.
- 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.What measurement issue is hedonic pricing meant to fix? Be specific as possible as why as measurements without it can fail to capture what the relevant statistic was designed to capture. How does it work in practice?The inefficiency of second best pricing is larger.. Select one: a. all the other alternatives are correct O b. the larger is the quantity distortion compared to first best pricing O c. the less elastic is the demand function O d. the smaller are the economies of scale
- 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 pricingWhich of the following statements about pricing objectives is true? a. Unit volume is not a type of pricing objective because it is a production strategy. b. Firms that are interested in strategic planning set their objectives to maximize current profit. c. Profit objectives are frequently measured in terms of return on investments. d. Market share and unit volume are synonymousPenetration pricing and price skimming are marketing strategies commonly implemented when companies launch new products or services. Both approaches have worked for businesses, but you have to understand how your price relates to your overall marketing and promotions strategies. Penetration pricing relies on a low upfront price to attract customers, while skimming is the use of high upfront prices to maximize short-term profits from the most eager and interested customers. Compare and contrast market skimming and market penetration pricing with the help of above definitions. Discuss how companies adjust their prices to take into account different types of customers and situations?
- One roommate believes the most important objective in setting pricesfor your new pet grooming business is to generate a large profit whilekeeping an eye on your competitors’ prices; the other roommatebelieves it is important to maximize sales and set prices according towhat your customers expect to pay. Who is right and why?21) Which of the following statements is not correct about pricing and prices? Select one: a. It is the sum of all the values that customers sacrifice to get beoefits of having a product. b.itis the amount of money charged for a product or a service c. itis the only element in the marketing mix that produces revenuer all other elemests represent cost. d. itis one of the least important elements that determine a firm's mariket share and protitabilityFancy Fashions sells jeans for $59 and sweaters for $39, To increase sales of jeans and sweaters, Fancy Fashions promotes this Product Price Bundle: "Buy a pair of jeans and a sweater for $98'. Will this Product Price Bundle will work well to increase the sales of jeans and sweaters? Explain your answer in no more than 2 bullet points.