MKT 142 Principles of Marketi

  • The pricing objectives vary from image enhancement to customer satisfaction to profit. Why does pricing have anything to deal with image enhancement? Can you share an example?

2. Why would you base your pricing off of what your competitor is doing?

3. What items do people buy without knowing the price?

4. How can you estimate demand for your product/service? Why does that impact price?

5. What is a product with elastic demand? What is a product with inelastic demand?

6. On the ‘Variable Cost Example’ slide, it mentions that the cost to produce 500 bookcases is lower per bookcase than the cost to produce 200. Why?

7. Why is the break-even analysis important?

8. On the “Markups Through the Channel” slide, we see an example of how a product gets marked up in price as it goes through more business. How much money could you save by buying from the manufacturer directly? ______

9. What is a business that you can buy directly from to save money?

10. Imagine that you run a retail store and you’re looking to increase sales. Use the ‘Step 5: Price Strategies’ terms and choose 7 of them to utilize in your store. Give specific examples of how you’ll use them.

11. How might your store use decoy pricing on Black Friday?

12. Provide an example of payment pricing that your retail store might offer.

13. Your store uses captive pricing. On what items does it apply to?

14. How could a retailer use the freemium pricing model? Or could they?

15. What is a common time that retail stores use loss-leader pricing?

16. Which company has been accused of predatory pricing? Is it fair that the company can do that?

Note: Please see the attached PP Presentation as there are a few questions that will require you to base your answer on it.

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