Marketing
14th Edition
ISBN: 9781259924040
Author: Roger A. Kerin, Steven W. Hartley
Publisher: McGraw-Hill Education
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Question
Chapter 14.2, Problem 14.2LO
Summary Introduction
To determine: The main factors that are taken in identifying the end list or the price that is quoted from the correct level of price.
Introduction:
The method that is adopted by the firm to fix the selling price is known as pricing. The pricing generally depends on the average cost and the perceived value of the product.
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Based on a retail store that sells clothing for the age between 8 and 40 years .
Identify your predominant price strategy, apart from odd pricing, that youintend to use. Justify your choice.
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Chapter 14 Solutions
Marketing
Ch. 14.1 - Prob. 14.1LOCh. 14.1 - Prob. 14.1LRCh. 14.1 - Prob. 14.2LRCh. 14.1 - Prob. 14.3LRCh. 14.1 - Prob. 14.4LRCh. 14.1 - Prob. 14.5LRCh. 14.2 - Prob. 14.2LOCh. 14.3 - Prob. 14.3LOCh. 14.4 - Prob. 14.4LOCh. 14.4 - Prob. 14.6LR
Ch. 14.4 - Prob. 14.7LRCh. 14.4 - Prob. 14.8LRCh. 14 - Prob. 1AMKCh. 14 - Prob. 2AMKCh. 14 - Prob. 3AMKCh. 14 - The Hesper Corporation is a leading manufacturer...Ch. 14 - Prob. 5AMKCh. 14 - Prob. 6AMKCh. 14 - Prob. 7AMKCh. 14 - Prob. 8AMKCh. 14 - Prob. 1VCCh. 14 - Prob. 2VCCh. 14 - Prob. 3VCCh. 14 - Prob. 4VCCh. 14 - Prob. 5VC
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- define the various objectives that a company hopes to achieve through pricing .arrow_forwardChoose a price strategy to help determine a base price.arrow_forwardthe challenge with using this pricing scheme is determining an accurate relationship between the price per unit and the quantity demanded. a. market-based pricing b. cost plus pricing c. percentage of mark-up d. target costingarrow_forward
- Distinguish pricing based on the cost life cycle and pricing based on the sales life cycle, and give anexample method for eacharrow_forwardPricing is not an end in itself but a means to achieving certain objectives of the marketing department of a firm.” Discussarrow_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_forward
- Recognize the objectives a firm has in setting prices and the constraints that restrict the range of prices a firm can charge.arrow_forwardCan I get assistance with the following Over the past year, you and your friend have decided to embark on a new business venture, you have created a new recipe for baked bread. You are currently paused at the pricing stage, considering that there are no specific guidelines for setting the right price. Outline 5 aspects that you need to consider when developing a price of your new product offering. Justify your answer.arrow_forwardList the general approaches to pricing. Select examples of products that you regularly use. i. Notice the price of each of these items For each item, ii. State the main benefits you are looking for in using the product. iii. Does the price communicate the total benefits sought? iv. Does the product’s price suggest good value? v. Do you think the manufacturer or retailer is overcharging or undercharging consumers for the product?arrow_forward
- Explain with the use of examples, the various product mix pricing strategies which a firm may utilize when setting the price of their goods and services. Ensure that your answer is in essay format.arrow_forwardDirections: Create a pricing scheme of certain product. Search for a product you think that the price is not reasonable. Create your own price scheme in able to meet the expectation of the buyer and able to meet also the good customer relationship. Defend your answerarrow_forwardName and describe the types of costs marketers must consider when setting prices. Describe the types of cost based pricing and the methods of implementing each.arrow_forward
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