Marketing
14th Edition
ISBN: 9781259924040
Author: Roger A. Kerin, Steven W. Hartley
Publisher: McGraw-Hill Education
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Question
Chapter 14.1, Problem 14.1LO
Summary Introduction
To determine: The way to establish the “approximate price level” by utilizing the profit-oriented, demand-oriented, cost-oriented, and competition-oriented approaches.
Introduction:
The method that is adopted by the firm to fix the selling price is known as pricing. The pricing generally depends on the average cost and the perceived value of the product.
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Students have asked these similar questions
How to Choose a price strategy to help determine a base price?
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.
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.
Chapter 14 Solutions
Marketing
Ch. 14.1 - Prob. 14.1LOCh. 14.1 - Prob. 14.1LRCh. 14.1 - Prob. 14.2LRCh. 14.1 - Prob. 14.3LRCh. 14.1 - Prob. 14.4LRCh. 14.1 - Prob. 14.5LRCh. 14.2 - Prob. 14.2LOCh. 14.3 - Prob. 14.3LOCh. 14.4 - Prob. 14.4LOCh. 14.4 - Prob. 14.6LR
Ch. 14.4 - Prob. 14.7LRCh. 14.4 - Prob. 14.8LRCh. 14 - Prob. 1AMKCh. 14 - Prob. 2AMKCh. 14 - Prob. 3AMKCh. 14 - The Hesper Corporation is a leading manufacturer...Ch. 14 - Prob. 5AMKCh. 14 - Prob. 6AMKCh. 14 - Prob. 7AMKCh. 14 - Prob. 8AMKCh. 14 - Prob. 1VCCh. 14 - Prob. 2VCCh. 14 - Prob. 3VCCh. 14 - Prob. 4VCCh. 14 - Prob. 5VC
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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
- Describe what is more important for a purchasing transaction, price timing or quality ?arrow_forwardDescribe one advantage and one disadvantage that competition-based pricing has in common with cost-based pricing.arrow_forwardIdentify the three major pricing strategies and discuss the importance of understanding customer-value perceptions, company costs, and competitor strategies when setting prices.arrow_forward
- 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?arrow_forwardIf 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.arrow_forwardCite three (3) pricing strategies that companies or firms implement. Discuss the circumstances or situations when these pricing strategies can best serve or benefit the firms.arrow_forward
- 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_forwardExplain what are trade margins and how they relate to the pricing for a producer ?arrow_forwardHow likely is the sales manager will be successful in the short term in cut the price as strategy to stimulate interest and convince other business operators to buy products from our company?arrow_forward
- Once a company determines a base price, a series of price tactics are often offered to help fine-tune the base price to make sure it satisfies the company and customer. List the four basic price tactics and define each one.arrow_forwarda legislation requires sellers to set prices without talking to competitors : Select one: a. predatory pricing b. price discrimination C. price maintenance d. price fixingarrow_forwardWhat is the difference between a Variable Pricing Strategy and a Price Lining Strategy? Under what circumstances would each be used?arrow_forward
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