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You are in the process of planning a hypothetical airline flight from New York to St. Louis. Visit the websites of three different
airlines and compare prices for this trip. Try travel dates that include a Saturday night layover and those that do not. Try dates less
than seven days away, and compare, those prices with flights that are more than twenty-one days out. How do you explain the
similarities and differences you see in these prices?
Step by step
Solved in 2 steps
- 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.Based on the scenario, how can you define the importance of the price of a product in attractingcustomers?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?
- Suppose a manufacturer of exercise equipment sets a suggested price to the consumer of $395 for a particular piece of equipment to be competitive with similar equipment. The manufacturer sells its equipment to a sporting goods wholesaler who receives 25 percent of the selling price and a retailer who receives 50 percent of the selling price. What demand-oriented pricing approach is being used, and at what price will the manufacturer sell the equipment to the wholesaler?Suppose you have been hired as the pricing manager for a drugstorechain that typically adds a fixed percentage onto the cost of eachproduct to arrive at the retail price. Evaluate this technique. What wouldyou do differently?Thinking about the hotel industry, I'm wondering does the hotels use long run pricing or short run pricing in business?
- 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.Roberto is selling his house. His neighborhood is experiencing a strong seller's market. What can Roberto reasonably expect during this home selling process? Buyers are going to ask for concessions and want him to help pay for their closing costs. The home will sell quickly and at a high price. The home will spend a long time on the market before he gets a good offer. Buyers are going to make offers well below the asking price.For this discussion, use the following hypothetical scenario as the basis for your response: Your business partner is strongly opposed to your proposal to charge your largest customers lower prices for your web-based services than what you will charge your smaller customers. She is arguing it is unethical, unfair, and possibly illegal. Address the following in your discussion post: Make a case that both groups of customers will be satisfied with the deal and that this is a perfectly legal form of pricing in a business-to-customer relationship. What degree is this type of price discrimination? How will the plan increase revenue? Why will both groups of customers be satisfied with the deal? Why is this a legal form of pricing?
- Why does a box of mac n cheese cost significantly less than an electric scooter? Explain. Why do you think the price of a box of mac n cheese costs around $4.50? How is that price set? Could you find a lower price for this item? A higher price? Why?Suppose that a sales force has found 20 qualified buyers and has begun the salesprocess. The sales manager estimates that 10% eventually proceeds to make a purchase.Assume that a professional company offers three services, priced at $2,000, $7,000 and$20,000, respectively. Based on past results or the sales manager’s estimates, you projectthat 60% of first-time buyers will choose the cheapest option, 30% will choose the middleoption and 10% will choose the most expensive option. a. Calculate the size of a likely sale for any prospect that makes a purchase.Statement 1: Price skimming can help small brands to do well in a competitive market Statement 2: Penetration pricing may not help luxury brands in setting up in a competitive market Group of answer choices Statement 1 is correct and Statement 2 is incorrect Statement 2 is correct and Statement 1 is incorrect Both Statement 1 and Statement 2 are incorrect Both Statement 1 and Statement 2 are correct