MARKETING
7th Edition
ISBN: 9781260087710
Author: Grewal
Publisher: RENT MCG
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Chapter 14, Problem 4MA
Summary Introduction
To discuss: The beginning price of the auction.
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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.
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.
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?
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- The markup on a new diamond ring should be 25% based on selling price. If the seller paid $4,325.00 for one, then how much should it be sold for to achieve the desired markup?arrow_forwardYou are offered a sales position and given a choice of salary plus a small commission or straight commission. What are the advantages and disadvantages of each?arrow_forwardLife insurance policy needs differ from one to another. Sometime we are not sure what kind of policy and coverage that we be needed. Kindly advice on how to determine the objective of buying life insurance policy and describe the factors that influence the policy prices.arrow_forward
- Describe what you are selling (1 item only): What is the price you will sell at to sustomer: How will you explain to potential customers WHY they should buy your product? If your total costs to run the company is $5,000 per month, how many do you have to sell each month to cover your costs? Show your calculation! Do you think this is a realistic number to achieve each month? Explain your answer. In case sales go slower than expected, come up with a volume discount offer for customers and describe how it will work in the box below: (for example if you buy 5 items instead of 1, you will give customer a 10% discount).arrow_forwardLook 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.arrow_forwardAccording to Hunt et al. (2024), many businesspeople often think of Customer Relationship Management (CRM) as somewhere customers' data is stored. The author further attested that CRM does more than storing customers' information, as it provides key value to salespeople, especially when it comes to instant access to customer historical pricing data. Expand on this statement and based on the chapter readings discuss three (3) CRM tools that can assist salespeople in their efforts to determine who are their most profitable customers and allowing them the ability to decrease acquisition costs.arrow_forward
- How a hotel's salesperson can do to sell more to a company has a higher life-time value for the hotel?arrow_forwardA company’s offering represents the bundling of the tangible good, the intangible service, and the price. Describe the specific elements of the offering for an airline carrier, a realtor, a restaurant, and an online auction site.arrow_forwardYou are in the process of planning a hypothetical airline flight from New York to St. Louis. Visit the websites of three differentairlines and compare prices for this trip. Try travel dates that include a Saturday night layover and those that do not. Try dates lessthan seven days away, and compare, those prices with flights that are more than twenty-one days out. How do you explain thesimilarities and differences you see in these prices?arrow_forward
- Prospective customers don’t become customers immediately, however. No matter how convinced they are that they need what you’re offering, you don’t have them until they complete the registration and provide payment. And if your site isn’t designed to make the process clear and simple, then you might lose them even after convincing them. This would indicate a problem with your conversion rate. Research and outline what Conversion Rate Optimisation (CRO) is AND how ensuring it is working will increase potential sales:arrow_forwardif you are planning to open a business in your community. What business will it be? and What is the best pricing strategy are you going to use and why?arrow_forwardYou are looking to buy a laptop on a budget that requires you to service and repair the laptop yourself, and you want to save money by not purchasing an extended service agreement beyond the first year. To limit your search, what should you consider when choosing manufacturers? Which manufacturers would you choose and why?arrow_forward
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