Q: Identify a product for which price is elastic and one where price is inelastic and indicate why
A: In the given explanation, we will be explaining one example for both the parameters used, but first,…
Q: This gives an opportunity to explore direct and indirect price discrimination within the context of…
A: Direct price discrimination occurs when a firm break up consumers into identifiable groups. for…
Q: Explain in your own words and also give examples of how price gouging is harmful for the customers…
A: Quality management is a process of controlling or managing the quality of the product so as to…
Q: Sellers pursue different strategies or approaches that affect the pricing of their products or…
A: Pricing strategies refer to the marketing strategy which is used to determine the prices of products…
Q: Ethical issues when setting prices in South Africa.” Write four paragraphs explaining the ethical…
A: Giving a brief history recap on South Africa's business ethical culture has been shaped and…
Q: What might make it difficult to determine the prices of one’s competitors? When such difficulties…
A: It's difficult to figure out what your competitors' prices are - A few businesses do this since…
Q: Explain what are trade margins and how they relate to the pricing for a producer ?
A: Trade is the exchange of goods and service from one point to another. From one owner to another…
Q: generalizations about what kinds of products tend to be price inelastic across different product…
A: Price is the strongest tool with any marketer. Even by increasing the price by a smaller percentage…
Q: Give some terms other than “price” that are commonly used to refer to prices.
A: Companies, Organizations, Retailers and many more use different terms to indicate the price of the…
Q: Harm competitor's business Push nonsale items only Sell below store's cost Horizontal collusion…
A: Pricing is a strategic decision which can help a firm in gaining leverage over competitors if the…
Q: uires sellers to set prices without talking to comp Select one: O a. predatory pricing O b. price…
A: Option A is correct - PREDATORY PRICING
Q: Discuss the advantages of fixed-price policy on the part of customer and marketer.
A: A fixed-price contract gives both the buyer and seller an anticipated outline, offering stability…
Q: Describe how to establish the “approximate price level” using demandoriented, cost-oriented,…
A: Pricing strategies are a marketing strategy which are used by the companies to determine the prices…
Q: Once a company determines a base price, a series of price tactics are often offered to help…
A: Pricing relates to setting up the price for a product or service. Pricing is a part of the marketing…
Q: Explain how a firm can increase its profit by price discriminating. How does it determine optimal…
A: Price discrimination can be referred to as the selling strategy where the seller sells the same…
Q: what is the price adjustment lag and how does it affect the price variation method
A: A marketer may operate in different markets at a single time and as it is known that monopoly does…
Q: Discuss the various pricing methods that can be used by a vendor along with the main features.…
A: Price can be distinct as the amount of payment that the customer pays to the retailer in return for…
Q: Define the term price skimming?
A: A company will charge a customer a price in exchange for purchasing a good or service. It is the…
Q: If an item is particularly valuable to a customer, using customer-based pricing might suggest a…
A: Customer based pricing is the method of pricing where a company sets price for the products or…
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- Discuss the various pricing methods that can be used by a vendor along with the main features. Provide descriptions of existing markets where these kinds of price arrangements are rapidly changing.Define the term price skimming?This gives an opportunity to explore direct and indirect price discrimination within the context of a hypothetical scenario. Your business partner is strongly opposed to your proposal to charge your largest customers lower prices for your web-based services than what you will charge your smaller customers. She is arguing it is unethical, unfair, and possibly illegal. Make a case that both groups of customers will be satisfied with the deal and that this is a perfectly legal form of pricing in a business-to-customer relationship. Why will both groups of customers be satisfied with the deal?
- Sellers pursue different strategies or approaches that affect the pricing of their products or services. Some sellers rely on internal cost structures to establish price, whereas others simply price at a level comparable to the competition. Explain five market driven pricing models providing examples for each model.Give some terms other than “price” that are commonly used to refer to prices.Explain in your own words and also give examples of how price gouging is harmful for the customers and predatory pricing good for them?
- Deceptive or Illegal Pricing Firms use many different pricing tactics to try to improve their market share. Some are perfectly legitimate and can be considered fair pricing practices, whereas others are deceptive or even illegal. For this activity you will need to review the types of practices associated with illegal and unethical pricing strategies. Prices tend to fluctuate naturally and respond to varying market conditions. Although we rarely see firms attempting to control the market in terms of product quality or advertising, they often engage in pricing practices that can unfairly reduce competition or harm consumers directly through fraud and deception. A host of laws and regulations at both the federal and state levels attempt to prevent unfair pricing practices, but some are poorly enforced, and others are difficult to prove. Roll over each item and read the description to determine which type of illegal or unethical price strategy is being used. Then drag the item to the…a legislation requires sellers to set prices without talking to competitors : Select one: a. predatory pricing b. price discrimination C. price maintenance d. price fixingIf an item is particularly valuable to a customer, using customer-based pricing might suggest a price that is higher than the one that would be indicated by use of a standard markup. Describe a situation where the use of customer-based pricing would suggest a price that is lower than the one that would be indicated by use of a standard markup.