Understanding Pricing StrategiesQuestion Content AreaINTRODUCTION: How do companies price their products and services? Do they compare their prices with competitors? Do they offer discounted prices or premium prices? There are many angles to pricing strategies. Question Content AreaINSTRUCTIONS: You will agree with some of these statements and disagree with others. You may find it hard to make a decision, but you should go ahead and make a choice. Record your answers next to the statement according to the following scale: Strongly Disagree (1), Disagree (2), Agree (3), or Strongly Agree (4). Strongly DisagreeDisagreeAgreeStrongly AgreeQuestion 1. A marketer does not need to be aware of the prices charged for competing brands. 2. It is not unusual for a business to charge different buyers different prices for the same quality and quantity of products. 3. Customers typically pay the list price on a car. 4. "Early-bird" diners usually receive discounted prices. 5. When a new smartphone is introduced with enhanced features, it is priced quite high. 6. When Netflix entered the market, it offered low prices to encourage people to give their subscription service a try. 7. I respond more positively to odd-number prices, such as $4.99, than to whole-dollar prices, such as $5.00. 8. When I see a lower-priced store brand placed next to a higher-priced name brand, I tend to buy the store brand. 9. I think it is more expensive to group cable TV channels, internet service, and telephone service into one monthly bill. 10. Razors are priced low, and razor blades are priced high, but the customer must buy the razor blades repeatedly to use the razor. 11. I am willing to pay more for organic foods because I believe that they are healthier. 12. At the supermarket, I buy fruit that is advertised at a special lower price for a few days. 13. I can easily go online to compare prices for the products I buy. 14. Walmart sets low prices for products on a consistent basis to avoid frequent short-term price reductions. 15. I think that life-saving products should be priced high enough to yield a high rate of return for pharmaceutical companies.

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Answered: Understanding Pricing Strategies…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question Content Area

INTRODUCTION: How do companies price their products and services? Do they compare their prices with competitors? Do they offer discounted prices or premium prices? There are many angles to pricing strategies.

Question Content Area

INSTRUCTIONS: You will agree with some of these statements and disagree with others. You may find it hard to make a decision, but you should go ahead and make a choice. Record your answers next to the statement according to the following scale: Strongly Disagree (1), Disagree (2), Agree (3), or Strongly Agree (4).

Strongly Disagree	Disagree	Agree	Strongly Agree	Question
				1. A marketer does not need to be aware of the prices charged for competing brands.
				2. It is not unusual for a business to charge different buyers different prices for the same quality and quantity of products.
				3. Customers typically pay the list price on a car.
				4. "Early-bird" diners usually receive discounted prices.
				5. When a new smartphone is introduced with enhanced features, it is priced quite high.
				6. When Netflix entered the market, it offered low prices to encourage people to give their subscription service a try.
				7. I respond more positively to odd-number prices, such as $4.99, than to whole-dollar prices, such as $5.00.
				8. When I see a lower-priced store brand placed next to a higher-priced name brand, I tend to buy the store brand.
				9. I think it is more expensive to group cable TV channels, internet service, and telephone service into one monthly bill.
				10. Razors are priced low, and razor blades are priced high, but the customer must buy the razor blades repeatedly to use the razor.
				11. I am willing to pay more for organic foods because I believe that they are healthier.
				12. At the supermarket, I buy fruit that is advertised at a special lower price for a few days.
				13. I can easily go online to compare prices for the products I buy.
				14. Walmart sets low prices for products on a consistent basis to avoid frequent short-term price reductions.
				15. I think that life-saving products should be priced high enough to yield a high rate of return for pharmaceutical companies.

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Understanding Pricing Strategies Question Content Area INTRODUCTION: How do companies price their products and services? Do they compare their prices with competitors? Do they offer discounted prices or premium prices? There are many angles to pricing strategies.

Question Content Area

Question Content Area