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Cost plus pricing is a logical method of pricing since it takes into account current demand, perceived value, and competition.
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- Although more than one strategy can achieve profitable results, even within the same industry, nearly all successful pricing strategies embody three principles. They are value-based, proactive, and profit-driven. True or False?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"If an item is particularly valuable to a customer, using customer-based pricing might suggest a price that is higher than the one that would be indicated by use of a standard markup. Describe a situation where the use of customer-based pricing would suggest a price that is lower than the one that would be indicated by use of a standard markup.
- Usage-based pricing (UBP), also known as consumption-based pricing, is a pricing model that enables customers to pay for a product according to how much they use it. The metric used to measure usage corresponds to how the customer is extracting value from the product. True or False?Companies use dynamic pricing to balance out supply and demand. False TrueThink about the last time you went to a shop, and consider how many different products there were to choose from, all of which have different prices Explain how pricing affects you as a consumer. Include the following details: An example of a time when you were faced with two identical or similar options and chose the cheaper option and explain why; If there are any products or services you feel you cannot compromise on price for, and why or why not; and How pricing affects your satisfaction with a product or service.
- It is important to develop an overall pricing philosophy in your business. This begins with the ability to calculate the relationship between costs and sales. There are two methods, cost/price, demand/price Which would you use in your business, and why?Once a company determines a base price, a series of price tactics are often offered to help fine-tune the base price to make sure it satisfies the company and customer. List the four basic price tactics and define each one.What is the main (most important) way that Cost-Based Pricing is different from Customer Value-Based Pricing? Would the cost of coffee beans purchased by McDonald’s be a Fixed Cost or a Variable Cost?
- Can cost-plus pricing maximize profit? Why, or why not?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.Fine-tune the base price with pricing tactics.