Marketing
14th Edition
ISBN: 9781259924040
Author: Roger A. Kerin, Steven W. Hartley
Publisher: McGraw-Hill Education
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Chapter 13, Problem 4AMK
Summary Introduction
To discuss: The view of the executive for the given statement.
Introduction:
Price elasticity of demand is the measure of units of quantity sold to change in price of a product, which can be calculated in terms of percentage change in quantity demanded divided by percentage change in price.
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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.
Suppose you have been asked by a food company to design an experiment that examines consumers’ purchase intentions toward their product (i.e., cereals), as a result of their recent pricing strategies (i.e., low price, high price) and product quality (i.e., organic offerings, nonorganic offerings) strategies. Basically, they would like to know the best combination of product quality offering and pricing strategy that yields the highest levels of consumers’ purchase intentions. How would this experiment look like?
When working on this assignment, you should consider the following:
Subjects: The experiment participants should be customers who consume significant breakfast cereals and are diverse in terms of income group, age group and work type.
Experimental conditions:
Independent variables – quality (categorical), price
Dependent variable – Propensity to pay
Effects: The main effect shall be impact of independent variables on propensity to pay such as how much affect does quality or…
it is from past exams, please help me in doing my homework
One way of wading off competition is for Take-a-lot to tactfully adjust prices to their advantage. Discuss how Take-a-lot can implement price adaptation tactics to maintain its competitive edge.
Chapter 13 Solutions
Marketing
Ch. 13.1 - Prob. 13.1LOCh. 13.1 - Prob. 13.1LRCh. 13.1 - Prob. 13.2LRCh. 13.1 - Prob. 13.3LRCh. 13.2 - Prob. 13.2LOCh. 13.2 - Prob. 13.4LRCh. 13.2 - Prob. 13.5LRCh. 13.2 - Prob. 13.6LRCh. 13.3 - Prob. 13.3LOCh. 13.4 - Prob. 13.4LO
Ch. 13.4 - What is the difference between a movement along a...Ch. 13.4 - Prob. 13.8LRCh. 13.4 - Prob. 13.9LRCh. 13.5 - Prob. 13.5LOCh. 13.5 - Prob. 13.10LRCh. 13.5 - Prob. 13.11LRCh. 13 - Prob. 1AMKCh. 13 - Prob. 2AMKCh. 13 - Prob. 3AMKCh. 13 - Prob. 4AMKCh. 13 - Prob. 5AMKCh. 13 - A student theater group at a university has...Ch. 13 - Prob. 7AMKCh. 13 - Prob. 8AMKCh. 13 - Prob. 9AMKCh. 13 - Prob. 1BYMPCh. 13 - Prob. 2BYMPCh. 13 - Prob. 3BYMPCh. 13 - Prob. 1VCCh. 13 - Prob. 2VCCh. 13 - Prob. 3VCCh. 13 - Prob. 4VCCh. 13 - Prob. 5VC
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- 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.arrow_forwardA business knows that over a long-term period of time, it must ultimately set its prices above what factors? Explainarrow_forwardHow can you protect your retail store from these competitive threats in terms of Price Strategy?arrow_forward
- 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?arrow_forwardConsider 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.arrow_forwardWhat are some ways that a company's marketing mix might give it a competitive edge? How can a company benefit from a well-executed marketing strategy? Why is it necessary to acknowledge the significance of the marketing mix in the formulation of marketing strategies? For the entrepreneur, which pricing scheme makes the most sense? Explain your answer. What are the most important considerations to keep in mind when choosing a location? Can I use what I've learned here when I start my own business in the future? In the event that you were granted the opportunity to start your own business, what would you sell and where would you sell it? What marketing strategies do you have in mind?arrow_forward
- 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.arrow_forwardOne 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 valuearrow_forwardTo what extent is the price most important factor in ensuring a company can maximise profits?arrow_forward
- How do you protect your retail store from competitive threats in terms of the Non-Price Strategy?arrow_forwardA primary marketing objective of all competitors in mature markets is simply to: Increase price to maximize profits. Increase market penetration. Hold their existing customers. Market their products to a new market. All of the abovearrow_forwardA study indicated that the optimal price for a consumer product is $32.45. Most products in the market sell for $29.99. What price would you suggest to retailers for selling the product and why? A haute cuisine restaurant is opening down the street, and its owner asks you for advise on pricing. Should you suggest that the restaurant price an appetizer at $6.99 or $7, and why?arrow_forward
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