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How likely is the sales manager will be successful in the short term in cut the price as strategy to stimulate interest and convince other business operators to buy products from our company?

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter19: Pricing Concepts

Section: Chapter Questions

Problem 1DYMP

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Concept explainers

Financial decisions

Financial decisions are important choices that individuals and businesses make about how to use their money. Financial decisions can impact a person or company's short-term and long-term financial stability. Decisions like whether to save, invest, or spend money, whether to take on debt or what kind of insurance to purchase, are some common financial decisions. Decisions on how to manage risks, such as the risk of losing money if investments do not perform as expected or the risk of not having enough money saved for retirement, are also a part of financial decision-making.

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Explain how to sell your product with a price strategy and with a value-added and give short explanation from each strategy and example
Describe the basic market forces that are relevant to pricing and decision-making for companies. Include the following: What information would you want to have in order to make sound pricing decisions? With financial information, there is often some level of uncertainty and estimation. How would you explain any risk or uncertainty about information to senior management? How would you suggest monitoring and responding to competitors' pricing actions?
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What characteristics of market demand make a service product an appropriate product candidate for this price-segmentation technique?What are factors that can help high/low pricing be successful in the presence of EDLP competition?
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Look up the following site to evaluate restaurants’ pricing strategies based on reviewers’ perceptions of service levels, guest type, product quality, ambiance, location, and much more! www.zagat.com First, choose a city. Then click on your specific restaurant criteria or just click on “Most Popular.” Then click on any restaurant for a review that includes a features list, reviewers’ ratings, prices, and much more! Look at several restaurant reviews. Evaluate whether you think the menu prices and the features/review are a “good fit,” in your opinion. Spend about 30 minutes viewing this site!
3 Describe the good/service you purchased, including the type of item, brand name, and price. Explain how the seller provided value to you through form, place, time, and possession utility. How might you improve this?
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Explain why it is a good idea to price a product according to value perception of the customers. Also give some examples of products in which the company has used value-based pricing technique ???