Business Essentials (12th Edition) (What's New in Intro to Business)
Business Essentials (12th Edition) (What's New in Intro to Business)
12th Edition
ISBN: 9780134728391
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
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Chapter 12, Problem 12.15A
Summary Introduction

To explain: The pricing tactics during the opening of the business and after it moves to different stages of its life.

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Does "value" mean the same thing as "low price"? How do these concepts differ? Pick two competing brands from a familiar product category (watches, perfume, consume electronics, restaurants) - one low priced and the other high priced. Which, if either, offers the greatest value? Why might the 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 of each. (4 points) Alicia is a self-employed hair stylist who owns her own salon. She has asked you to consult with her on how to generate more revenue. Using the price adjustment strategies discussed in the chapter, advise Alicia on her options to increase sales. Please be detailed in your response with why you are choosing each.
Select a basis for pricing your product (cost, demand, and/or competition). How will you know when it is time to revise your pricing strategy?
List  the general approaches to pricing. Select examples of products that you regularly use.        i.          Notice the price of each of these items For each item,      ii.          State the main benefits you are looking for in using the product.     iii.          Does the price communicate the total benefits sought?     iv.          Does the product’s price suggest good value?     v. Do you think the manufacturer or retailer is overcharging or         undercharging consumers for the product?
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