Answered: Briefly explain, and provide an example…

Briefly explain, and provide an example of, the four types of markets companies must consider for pricing decisions. Are these markets relevant for all types of products?

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

See similar textbooks

Related questions

Q: When can you use different pricing strategies and what are their suitable product categories?

A: Introduction:- Pricing refers to that element of the marketing mix that creates revenue for the…

Q: What are unsought products? Give an example of an unsoughtproduct, and explain how it might be…

A: Direct selling is the popular and effective promotional method of the company. In this sales…

Q: Explain how companies find a set of prices that maximises the profits from the total product mix?

A: Product mix refers to the the total number of product lines that the company provides to its…

Q: What is the price at which the product is starting tobe perceived as expensive?

A: Pricing refers to setting a price for a product or service at which it will be sold in the market…

Q: Consider the product line offered by your local McDonald's franchise. Discuss examples of product…

A: In my local McDonald's franchise, the width of items are very enormous with burgers, wraps and…

Q: Marketing strategies vary at different stages of the product life cycle. Determine which stage of…

A: Like business go through the stages, same product or service also. The Product and service's life…

Q: What are the five major categories of pricing strategies?Give at least two examples of specific…

A: Explanation:- When marketing a product, a company can employ a range of pricing tactics. Senior…

Q: Discuss how the profitability of your product will change as it moves through each of the phases of…

A: Profit is the amount of revenue left over after all expenses, debts, and other costs have been…

Q: what is price in the marketing mix and why is it important?

A: Pricing is one of the most crucial elements of a product in the marketing mix. Businesses have to…

Q: How does cost-based pricing differ from value-basedpricing?

A: Pricing is the method of fixing the price of a product and it involves various pricing strategies as…

Q: Describe the various pricing strategies that companies can employ in their marketing efforts.

A: Marketing mix refers to the 4 P's of the marketing that helps company to achieve their business…

Q: Which product-market combination has the greatest potential?

A: The product-market combination that looks to have the most promise for the gift store is products…

Q: How total cost of a product is calculated?

A: The price a seller charges needs to consider, and be consistent with, the objectives and costs of…

Q: What is Bait Pricing?

A: Pricing signifies the process in which business sets an optimal price for its manufactured goods or…

Q: Explain what is meant by a hierarchy of needs and provide examples of one or more products that…

A: Ans. Introduction Hierarchy of needs are the needs that are necessary for the complete development…

Q: Elaborate on 4 different pricing strategies that companies can utilize? Explain when would each of…

A: Note: I have answered for 1st question. kindly post the 2nd question separately. Pricing strategy is…

Q: How would you serve this target market? What is a suitable marketing plan? Specifically, what…

A: In the age of ever-advancing technology, the concept of the smart home has transitioned from science…

Q: How is product-line pricing helpful to both retailers and theircustomers?

A: Product line pricing is a pricing strategy where the company will price different product of a…

Q: Describe one product with it is elements of marketing which are design, features, brand…

A: DesignMarketing design is a subject for which graphic designers collaborate with marketing…

Q: Identify and explain the marketing management philosophy which implies that products and services…

A: Marketing management is described as the means of finding out the different opportunities that will…

Q: Evaluate the cost-benefit analysis of investing in premium or customized packaging for luxury…

A: Cost-benefit analysis (CBA) is a methodical technique for determining the advantages and…

Q: choose a product that you have purchased recently. Research and investigate this product on the…

A: Disclaimer: Since you have posted a question with multiple sub-parts, so we will solve first three…

Q: What is algorithmic pricing?

A: Algorithmic pricing is the act of working out offers and offers for an exchanged item by means of a…

Q: summary of the different phases involved in Product Development and Management and highlight how…

A: New product development is the process of inducing an original product idea to the market. They may…

Q: What considerations should be given to pricing strategies and promotions in driving marketing…

A: Marketing growth is an ongoing process that requires a holistic and strategic approach. It involves…

Q: How would a business/organization apply variant pricing in their organization to cater to multiple…

A: In an increasingly globalized and competitive business landscape, organizations often face the…

Q: Do consumers influence the pricing system deployed by the businesses?

A: The price of the product is decided by the business, but the fluctuations caused in the price of the…

Q: What are the benefits of cost-based pricing?

A: Cost-based pricing is technique to decide the price of the product according to the cost of the…

Question

Briefly explain, and provide an example of, the four types of markets companies must consider for pricing decisions. Are these markets relevant for all types of products?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Why is pricing important for consumers in the process of decisions making?
what is the Competitive pricing between vaseline intensive care body lotion and other competitors?
As most businesses have the objective to sell as many products as possible, outline key factors that a company should consider in determining the product component of the marketing mix.
When making a pricing decision, what other factors should a retailer consider?
What is the price at which the product becomes tooexpensive for the target market?
When and how should a company change its price?
How can a business' pricing decisions be affected by the government's actions?
Develop 4 separate pricing policies for companies? Explain when they will be more suitable for use?Talk about 2 key pricing tactics for a new product?
What are the advantages and disadvantages for each pricing strategy?
How does cost-plus pricing strategy affect the company's performance and how they benefit from this?
What are the various pricing techniques that a company may use to alter market patterns?
Q: Choose a brand of your choice, outline the important macro- and microenvironmental factors that would need to be considered in trying to satisfy the needs and wants of its consumers in that market.