Concept explainers
To discuss: Role of Person X if he hired as a pricing manager for a drug store chain which adds fixed percentage to its cost to arrive the retail price.

Explanation of Solution
Generally, the advantage of this type of cost-based pricing is that it’s comparatively easy to use and assumes that prices won’t vary much. It is called as markup pricing. Under this method retailer adds some markup to
But however, the cost-based pricing method does not taken into consideration of customers and the different roles of the competitors which influences the pricing decisions.
Person X views that, he can do differently by considering the actual demand for the product and he will try to consider the perceived value of customers and the degree of competition prevailed in the market.
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Chapter 15 Solutions
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