In a business organization, describe how what a manager is referring to when speaking of “prices” differs from what a manager is referring to when speaking of “costs.”
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- Describe information that consumers may perceive from price. For example, some consumers think that if an item has a high price, then it will probably be better than its competitors. That may or may not be true.all of the following are commonly used to create a hurdle for price-sensitive consumers to overcome in order to get a lower price EXCEPY a. bundling b. group pricing c. couponsPurchasing department can determine the right prices by: Select one: Using cost structure of the product. Using the system of selling. All answers are correct. Price discrimination.
- Give some terms other than “price” that are commonly used to refer to prices.There are factors/determinants influencing the price of a product.Which is the MOST and LEAST important among the factorsinfluencing the price of a product and why? Cite 5 examples each.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?
- One of the four Ps of marketing is price, explain in your own words, what elements are involved in price besides the amount of money a customer pays for a product. In your answer, be sure to consider the concept of customer value.List 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?One of the four Ps of marketing is price. Explain what elements are involved in price besides the amount of money a customer pays for a product. In your answer, be sure to consider the concept of customer value
- Explain how to sell your product with a price strategy and with a value-added and give short explanation from each strategy and examplePurchasing department can determine the right prices by: Select one: Using the system of selling. Price discrimination. Using cost structure of the product. All answers are correct.What recommendations can you suggest to the street vendors in reacting, initiating and managing their price actions?