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- What is the main reason for establishing pricing objectives? a. to give direction for price movements over the product life cycle b. to define the initial pricec. to establish a good understanding of the market and the needs of the consumerd. to interact with the other elements of the marketing mixStatement 1: Price skimming can help small brands to do well in a competitive market Statement 2: Penetration pricing may not help luxury brands in setting up in a competitive market Group of answer choices Statement 1 is correct and Statement 2 is incorrect Statement 2 is correct and Statement 1 is incorrect Both Statement 1 and Statement 2 are incorrect Both Statement 1 and Statement 2 are correctThe advantage of using the cost-plus pricing strategy is: Select one: a. It considers market and customer information b. It ensures that the business covers all product costs and earns a profit. c. It removes any costs that do not add value to the product. d. It looks at the relationship between price and quantity demand.
- Almost every time a new-to-the-world electronic device (MP3 player,flat-screen television, digital camera, gaming console, etc.) has beenintroduced, the firm’s marketers have employed a price skimmingstrategy. Why?Ethics and PricingPeople feel better when they think they are getting a great bargain when they shop.Knowing this, some retailer’s markup items above the traditional retail price and thenoffer a 60 percent discount. If they had simply discounted the normal retail price by 20percent, the resulting “sale price†would have been the same. One retailer says that heis just making shoppers happy that they got a great deal when he inflates the retailprice before discounting. Significantly marking up prices in order to offer “deep discounts†is not an unethicalpricing practice per se, but it may be considered misleading advertising. The retailer isnot really reducing its profits as a result of offering the sale price, even though a 60percent discount implies a financial sacrifice on the part of the retailer for the benefit ofthe customer. The situation described above could, perhaps, be considered a sales…Can 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.
- HAPEE TOOTHPASTE - LAMOIYAN CORPORATION Marketing Strategies Price Segmentation Strategy A. Rationale/ Analysis B. Pricing Strategy objectives C. Process (Step-by-step) D. Expected outcomeIn an effort to build immediate sales increase for their new running shoes quickly in a short period, Sprinters Inc. set the initial price of the shoes very "low". What type of pricing does this reflect? bundling reference market penetration skimming price fixingA9 Let's choose a product, then analyze PRODUCT COMPENENTS (everything customers think about before they purchase), and propose all possible PRICING STRATEGIES that seller can set for the product.
- At a strategic meeting of your company, other managers in the meeting want to know the company’s pricing objectives. Asthe manager responsible, critically analyse alternative pricing objectives the company is pursuing.Some firms have profit as a pricing objective, whereas others set prices forcustomer satisfaction. What are the major differences between these two?Which is better?_____policy will produce more income in the early stages of a product life cycle only when the top of the market is insensitive to price and willing to pay what is asked. a. Prestige Pricing b. Skimming price c. Penetration Pricing. d. Psychological Pricing
