Marketing - Standalone book
13th Edition
ISBN: 9781259573545
Author: Roger A. Kerin, Steven W. Hartley
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 14.1, Problem 14.4LR
Summary Introduction
To determine: The profit based pricing that a manager must utilize if he needs the percentage of firms resources to be utilized in profit
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.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What profit-based pricing approach should a manager use if he or she wants to renect the percentage of the firm"s resources used in obtaining the profit?
How does value pricing strategy affect the company's performance and how they benefit from this?
How 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?
Chapter 14 Solutions
Marketing - Standalone book
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
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
- A firm wants to stop its sales agents from pricing too aggressively to make sales by requiring the agent to obtain a marketing manager’s permission to reduce price below a specific threshold. This solution would only work if a) The marketing manager has no information about the matter at hand b) The marketing manager can only get all the information on the case from the sales agent c) Enough unbiased information is transferred to the manager to prevent an unprofitable price reduction d) All of the above Please clearly explain your answerarrow_forwardQuantity vs Quality: is there room for both in marketing? How The right mix of quality and quantity will help businesses in marketing and increasing sales?arrow_forwardThe target market generally determines the menu pricing strategies. mention the factors that a restaurants’ owner/manager must consider in order to determine the restaurant price list? and explain the restaurants’ pricing strategies?arrow_forward
- Let's say you have opened a new retail supermarket. You have two competitors, one 2 KM away, and the other 3 KM blocks away, from your store. Please explain, with two very clear reasons, what type of pricing approach will you adopt?arrow_forwardSelect a basis for pricing your product (cost, demand, and/or competition). How will you know when it is time to revise your pricing strategy?arrow_forwardWhat is the relationship between gross variable costs, total fixed costs, average variable costs, and average fixed costs when the cost driver changes?arrow_forward
- How does price relate to value in the eyes of a customer?arrow_forwardreview the topic below and include the concept, a description of the concept, and what about the concept you understand and what it is about the concept that is confusing to you. -The advantages of marginal analysis and how to use it for price setting.arrow_forward2. Customers take into account various factors beyond just the monetary value when evaluating the worth of a product or service. The concept of 'Total Value' involves considering the overall perceived benefits in relation to the overall perceived price. Demonstrate your understanding of this concept by discussing the following scenarios, and for each, assess the Total Benefits and Total Price a Customer may consider: A Vehicle A Haircut A Laptop A Degree A Shoearrow_forward
- how can a company determine the optimal skimming price for a new product?arrow_forwardPrice Resistance often surfaces during the negotiation phase of any sale. Firstly, what in your opinion accounts for this phenomenon? Secondly, what will be your approach to negotiating price objections from a customer?arrow_forwardWho will least likely be involved in establishing standard costs for a company? a)the president b)the controller c)the factory administrator d)the marketing managerarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Foundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage Learning
MarketingMarketingISBN:9780357033791Author:Pride, William MPublisher:South Western Educational Publishing
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
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
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing