The person who prepare food should never consider the price of the ingredients or the money spend on making the food. Instead, in should depend on the creativity and the care they blend into the creation. Similarly, the food network marketers also face the many question while considering the pricing objectives. Food network also sells kitchen utensils. Fixing the pricing strategy for these goods includes integrating the target audience for television shows. Food networks wants to price their goods at the affordable cost because if they price it too high then many could not afford to buy. The main aim of the marketers is to sell the quality products to their customers and satisfy the customers for the amount paid for the product. The marketers noticed that during the economy fall viewers would mostly prefer to watch less expensive recipes and menus. When money is tight people, tend to spend more time at home so they would watch shows for more time than before. These shows help people to live a better food life. To discuss: Whether food network try to achieve prestige objective over pricing and the reason behind it.

Question

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Answer 1

Question

Chapter P7, Problem 1QCT

Summary Introduction

Case summary:

The person who prepare food should never consider the price of the ingredients or the money spend on making the food. Instead, in should depend on the creativity and the care they blend into the creation. Similarly, the food network marketers also face the many question while considering the pricing objectives. Food network also sells kitchen utensils. Fixing the pricing strategy for these goods includes integrating the target audience for television shows.

Food networks wants to price their goods at the affordable cost because if they price it too high then many could not afford to buy. The main aim of the marketers is to sell the quality products to their customers and satisfy the customers for the amount paid for the product. The marketers noticed that during the economy fall viewers would mostly prefer to watch less expensive recipes and menus. When money is tight people, tend to spend more time at home so they would watch shows for more time than before. These shows help people to live a better food life.

To discuss: Whether food network try to achieve prestige objective over pricing and the reason behind it.

Expert Solution & Answer

Explanation of Solution

According to Person X, it is difficult to attain prestige objective through pricing because all the customers would be luxury to buy the products especially during the fall of economic, it is too hard. The marketers fell that fixing to the “higher end of better” is right because that allows for ambitious programming but fix-limited prices on tangible goods. The food network marketers consider that too much of lean on luxury brand could drive the customers away.

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Students have asked these similar questions

Given that there is a serious disadvantage to cost-based pricing, how would you account for its widespread use in retailing and other businesses?

Which pricing strategy (or maybe a combination of strategies) is best for your product/service? Why? How did you come to this conclusion? What price will you offer your product(s) or service for exactly? Will you use any promotional strategies?

Penetration pricing and price skimming are marketing strategies commonly implemented when companies launch new products or services. Both approaches have worked for businesses, but you have to understand how your price relates to your overall marketing and promotions strategies. Penetration pricing relies on a low upfront price to attract customers, while skimming is the use of high upfront prices to maximize short-term profits from the most eager and interested customers. Compare and contrast market skimming and market penetration pricing with the help of above definitions. Discuss how companies adjust their prices to take into account different types of customers and situations?

Answer 2

Question

Chapter P7, Problem 1QCT

Summary Introduction

Case summary:

The person who prepare food should never consider the price of the ingredients or the money spend on making the food. Instead, in should depend on the creativity and the care they blend into the creation. Similarly, the food network marketers also face the many question while considering the pricing objectives. Food network also sells kitchen utensils. Fixing the pricing strategy for these goods includes integrating the target audience for television shows.

Food networks wants to price their goods at the affordable cost because if they price it too high then many could not afford to buy. The main aim of the marketers is to sell the quality products to their customers and satisfy the customers for the amount paid for the product. The marketers noticed that during the economy fall viewers would mostly prefer to watch less expensive recipes and menus. When money is tight people, tend to spend more time at home so they would watch shows for more time than before. These shows help people to live a better food life.

To discuss: Whether food network try to achieve prestige objective over pricing and the reason behind it.

Expert Solution & Answer

Explanation of Solution

According to Person X, it is difficult to attain prestige objective through pricing because all the customers would be luxury to buy the products especially during the fall of economic, it is too hard. The marketers fell that fixing to the “higher end of better” is right because that allows for ambitious programming but fix-limited prices on tangible goods. The food network marketers consider that too much of lean on luxury brand could drive the customers away.

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Answer 3

Question

Chapter P7, Problem 1QCT

Summary Introduction

Case summary:

The person who prepare food should never consider the price of the ingredients or the money spend on making the food. Instead, in should depend on the creativity and the care they blend into the creation. Similarly, the food network marketers also face the many question while considering the pricing objectives. Food network also sells kitchen utensils. Fixing the pricing strategy for these goods includes integrating the target audience for television shows.

Food networks wants to price their goods at the affordable cost because if they price it too high then many could not afford to buy. The main aim of the marketers is to sell the quality products to their customers and satisfy the customers for the amount paid for the product. The marketers noticed that during the economy fall viewers would mostly prefer to watch less expensive recipes and menus. When money is tight people, tend to spend more time at home so they would watch shows for more time than before. These shows help people to live a better food life.

To discuss: Whether food network try to achieve prestige objective over pricing and the reason behind it.

Expert Solution & Answer

Explanation of Solution

According to Person X, it is difficult to attain prestige objective through pricing because all the customers would be luxury to buy the products especially during the fall of economic, it is too hard. The marketers fell that fixing to the “higher end of better” is right because that allows for ambitious programming but fix-limited prices on tangible goods. The food network marketers consider that too much of lean on luxury brand could drive the customers away.

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Answer 4

Question

Chapter P7, Problem 1QCT

Summary Introduction

Case summary:

The person who prepare food should never consider the price of the ingredients or the money spend on making the food. Instead, in should depend on the creativity and the care they blend into the creation. Similarly, the food network marketers also face the many question while considering the pricing objectives. Food network also sells kitchen utensils. Fixing the pricing strategy for these goods includes integrating the target audience for television shows.

Food networks wants to price their goods at the affordable cost because if they price it too high then many could not afford to buy. The main aim of the marketers is to sell the quality products to their customers and satisfy the customers for the amount paid for the product. The marketers noticed that during the economy fall viewers would mostly prefer to watch less expensive recipes and menus. When money is tight people, tend to spend more time at home so they would watch shows for more time than before. These shows help people to live a better food life.

To discuss: Whether food network try to achieve prestige objective over pricing and the reason behind it.

Expert Solution & Answer

Explanation of Solution

According to Person X, it is difficult to attain prestige objective through pricing because all the customers would be luxury to buy the products especially during the fall of economic, it is too hard. The marketers fell that fixing to the “higher end of better” is right because that allows for ambitious programming but fix-limited prices on tangible goods. The food network marketers consider that too much of lean on luxury brand could drive the customers away.

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Answer 5

Chapter P7, Problem 1QCT

Summary Introduction

Case summary:

The person who prepare food should never consider the price of the ingredients or the money spend on making the food. Instead, in should depend on the creativity and the care they blend into the creation. Similarly, the food network marketers also face the many question while considering the pricing objectives. Food network also sells kitchen utensils. Fixing the pricing strategy for these goods includes integrating the target audience for television shows.

Food networks wants to price their goods at the affordable cost because if they price it too high then many could not afford to buy. The main aim of the marketers is to sell the quality products to their customers and satisfy the customers for the amount paid for the product. The marketers noticed that during the economy fall viewers would mostly prefer to watch less expensive recipes and menus. When money is tight people, tend to spend more time at home so they would watch shows for more time than before. These shows help people to live a better food life.

To discuss: Whether food network try to achieve prestige objective over pricing and the reason behind it.

Expert Solution & Answer

Explanation of Solution

According to Person X, it is difficult to attain prestige objective through pricing because all the customers would be luxury to buy the products especially during the fall of economic, it is too hard. The marketers fell that fixing to the “higher end of better” is right because that allows for ambitious programming but fix-limited prices on tangible goods. The food network marketers consider that too much of lean on luxury brand could drive the customers away.

Answer 6

Chapter P7, Problem 1QCT

Summary Introduction

Case summary:

The person who prepare food should never consider the price of the ingredients or the money spend on making the food. Instead, in should depend on the creativity and the care they blend into the creation. Similarly, the food network marketers also face the many question while considering the pricing objectives. Food network also sells kitchen utensils. Fixing the pricing strategy for these goods includes integrating the target audience for television shows.

Food networks wants to price their goods at the affordable cost because if they price it too high then many could not afford to buy. The main aim of the marketers is to sell the quality products to their customers and satisfy the customers for the amount paid for the product. The marketers noticed that during the economy fall viewers would mostly prefer to watch less expensive recipes and menus. When money is tight people, tend to spend more time at home so they would watch shows for more time than before. These shows help people to live a better food life.

To discuss: Whether food network try to achieve prestige objective over pricing and the reason behind it.

Expert Solution & Answer

Explanation of Solution

According to Person X, it is difficult to attain prestige objective through pricing because all the customers would be luxury to buy the products especially during the fall of economic, it is too hard. The marketers fell that fixing to the “higher end of better” is right because that allows for ambitious programming but fix-limited prices on tangible goods. The food network marketers consider that too much of lean on luxury brand could drive the customers away.

Answer 7

Chapter P7, Problem 1QCT

Summary Introduction

Case summary:

The person who prepare food should never consider the price of the ingredients or the money spend on making the food. Instead, in should depend on the creativity and the care they blend into the creation. Similarly, the food network marketers also face the many question while considering the pricing objectives. Food network also sells kitchen utensils. Fixing the pricing strategy for these goods includes integrating the target audience for television shows.

Food networks wants to price their goods at the affordable cost because if they price it too high then many could not afford to buy. The main aim of the marketers is to sell the quality products to their customers and satisfy the customers for the amount paid for the product. The marketers noticed that during the economy fall viewers would mostly prefer to watch less expensive recipes and menus. When money is tight people, tend to spend more time at home so they would watch shows for more time than before. These shows help people to live a better food life.

To discuss: Whether food network try to achieve prestige objective over pricing and the reason behind it.

Answer 8

Expert Solution & Answer

Explanation of Solution

According to Person X, it is difficult to attain prestige objective through pricing because all the customers would be luxury to buy the products especially during the fall of economic, it is too hard. The marketers fell that fixing to the “higher end of better” is right because that allows for ambitious programming but fix-limited prices on tangible goods. The food network marketers consider that too much of lean on luxury brand could drive the customers away.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. P7 - Prob. 1QCT Ch. P7 - Prob. 2QCT Ch. P7 - Prob. 3QCT Ch. P7 - Prob. 4QCT

Concept explainers

Explanation of Solution

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Chapter P7 Solutions