![EBK MARKETING](https://www.bartleby.com/isbn_cover_images/9780135209783/9780135209783_largeCoverImage.gif)
EBK MARKETING
10th Edition
ISBN: 9780135209783
Author: Stuart
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 10, Problem 15QA
Summary Introduction
To explain: The psychological aspects of pricing.
Introduction: For customers, price is not only an amount which is being paid for a commodity or a service rather this single term has many different meanings. The customers often associate higher price to good quality and lower price to cheaper quality. Such
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Want to see the full answer?
Check out a sample textbook solution![Blurred answer](/static/blurred-answer.jpg)
Students have asked these similar questions
Explain these psychological aspects of pricing: price quality inferences, odd-even pricing. internal reference price. price lining, and prestige pricing.
Describe price skimming and penetration pricing. What types of new products would be best suited to price skimming? What types of products will be most successful with penetration pricing?
How to Establish price goals?
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.Similar questions
- Explain how a firm can increase its profit by price discriminating. How does it determine optimal prices? How does the existence of substitute products affect the firm’s pricing policy?arrow_forwardThe three factors that affect pricing decisions for marketers are: Value-Based Pricing, Cost-Based Pricing, and Competition-Based Pricing. Explain them.arrow_forwardWhat does ͞price mean and what are the objectives of pricing? What is the pricing procedure? What does it consist? What must be considered first before setting the price? What are the various approaches to pricing? What is the purpose of ͞target rate of return pricing? What is ͞odd-numbered pricing͟? What are the reasons behind this method? What are price adaptation strategies? Why are discounts given to customers? What is the degree of control over price by the seller in a monopsony? Why is this so?arrow_forward
- Explain the term FOB-origin pricing?arrow_forwardhink of the various pricing methods - mark-up pricing, target-return pricing, perceived value pricing, value pricing, going rate pricing, and auction-type pricing. As a consumer which method do you personally prefer to deal with. Why? If the average price were to stay the same, which would you prefer: (1) for firms to set one price and not deviate, or (2) to employ slightly higher prices most of the year, but slightly lower discounted prices or specials for certain occasions.arrow_forwardRetailers often use psychological pricing as a price-adjustment strategy. Explain this pricing strategy. How do reference prices affect psychological pricing decisions?arrow_forward
- Is dynamic pricing ethical?arrow_forwardExplain these psychological aspects of pricing: pricequality inferences, odck,ven pricing. internal referenceprice. price lining, and prestige pricingarrow_forwardExplain what is 'psychology pricing' and discuss three types of psychology pricing. Support your answer with an example how the psychology pricing had been implemented for each type.arrow_forward
- Explain why might strategy for setting a product's price need to be changed when a product is part of a product mix? What are the five product mix pricing strategies? Provide an example for each?arrow_forwardIt is recommendable that the Company uses product and pricing strategy, which can provide a twin approach (Koester, 2011) The strategy should focus on ensuring smooth entry of a new product within a targeted marketplace as well as strengthening prices as the product continue to establish itself within the product life cycle. To this end, it is recommendable that the company uses introductory pricing strategies to facilitate a smoot entry. What is you understanding of this paragragh? What is Nike recommended to do from this?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- MarketingMarketingISBN:9780357033791Author:Pride, William MPublisher:South Western Educational PublishingPurchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage LearningContemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing
![Text book image](https://www.bartleby.com/isbn_cover_images/9781285869681/9781285869681_smallCoverImage.gif)
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9780357033777/9780357033777_smallCoverImage.jpg)
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning