The markup on a video game is 25% ofthe sale price. If the video game sells for $86.67, what was the cost (in $)? (Roundyour answer to the nearest cent.)

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Answered: The markup on a video game is 25% of…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Ethics and PricingPeople feel better when they think they are getting a great bargain when they shop.Knowing this, some retailerâ€™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 â€œsale priceâ€ 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 â€œdeep discountsâ€ 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…
1. What are some examples of bundle pricing? 2. What are some other examples of promotional pricing? 3. How does promotional pricing contribute to a business's overall marketing strategy? Please number your responses for each question (1, 2, and 3)
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Pricing is an uncontrollable element of the marketing environment.; True or False
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In 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 fixing
A clothing retailer priced a shirt at $54. New styles were coming in, so the price was reduced 25%. Two months later, as the season was coming to a close, the price was reduced an additional 30%. Calculate the reduced price, after the second markdown.
In your textbook on page 387, the authors engage in a brief discussion on why consumers may choose to pay $300 for a pair of Tiffany pearls which come in a fancy blue box versus another nameless pair which can be purchased from Pearl World for $43 and on Amazon for $19. 1. Share with your colleagues an experience you had when faced with the decision of choosing between a name brand and generic item. 2. In your general shopping experiences or given your general purchasing behavior, does name brand recognition matter to you? Why or why not.
Retail Price Comparison To demonstrate the wide variation in pricing of an identical item, visit three different stores online and compare prices on similar items. Please do not just get on Amazon and compare prices there for an item. Actually visit different independent store websites. It might be really interesting to visit a local store's website and a national store's website, comparing pricing for the same item. 1. Select a category of store. Some suggestions are: Grocery: large chain store, local chain store, convenience store Health and beauty aids: grocery store, drugstore, discount store Over-the-counter drugs: chain drugstore, local drugstore, discount store Clothing: specialty store, department store, discount store 2. Select several items to compare in your category. For example, in the grocery category, you may want to compare a type of cereal, a canned soup, and a snack item. If possible, you might check prices at a local store…
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The markup on a video game is 25% of the sale price. If the video game sells for $ 86.67, what was the cost (in $)? (Round your answer to the nearest cent.)