Contemporary Marketing (MindTap Course List)
17th Edition
ISBN: 9781305075368
Author: Louis E. Boone, David L. Kurtz
Publisher: Cengage Learning
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Chapter 19, Problem 8ALR
Summary Introduction
To discuss: The difference between negotiated price and competitive bid.
The amount or value of funds that are required to buy a product is termed as price.
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consider a situation where you are negotiating with Wal-Mart for your family farm’s milk. Confronted with various hardball price challenges, what type of negotiation situation would you use: distributive or integrative and why? What are your key negotiating principles?
Price 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?
Define the term Price-Elasticity?
Chapter 19 Solutions
Contemporary Marketing (MindTap Course List)
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- what are the advantages/disadvantages of price-fixing?arrow_forwardIf you are the project manager for a medical health services project and you need to procure medical supplies for the project, however after you have developed a contract and agreed with the local pharmaceutical company they send you correspondence that the prices have changed What would happen if the contract was not signed by the buyer and the seller?arrow_forwardExplain what you think would happen if the price were set at a lower than the market pricearrow_forward
- Two insurance companies that manage employee benefit programs are bidding for additional business in their area of expertise at a market rate of $200 per hour. The potential customers refuse to leave their current suppliers and award benefit management contracts to the new firms unless billing rates are cut by $50. Abbott, Abbott & Daughters (AA&D) decides to do just that. Your firm, Zekiel, Zekiel & Sons (ZZ&S), must decide whether to match the price cut and then allow customers to choose randomly between the two firms, or whether to lower rates still further to $100 per hour. Past experience suggests, however, that the price cutting may well not stop there. The clients will surely take their best current offer back and forth between the two firms, forcing a downward price spiral. The question therefore is, “How low will you go?” Crucially, this game has a stopping rule: At a price below the $40 cost, the additional business becomes unprofitable and must be refused.…arrow_forwardWhat are the different kinds of price adjustments? In which situations do companies use each one?arrow_forwardIf you consider the payoff from entering into a forward contract does the buyer have more to gain going long than the seller has to lose going short, profits if the price of the underlying at expiration exceeds the forward price and/or gains from owning the underlying versus owning the forward contract are equivalent? Explain why one or more of the options above are correct. Secondly explain why, if any of the remaining options are incorrect.arrow_forward
- Do competitors in the same line of business agree to price fix their goods or servicesarrow_forwardShould a company always respond to a competitor’s price cut, and what options are available if it does decide to respond?arrow_forwardUnder what circumstances would manufacturers either set prices that try to maximize profits, or deliberately charge a low price?arrow_forward
- Is contract revenue considered to be an exchange-based transaction? Why or why not?arrow_forwardFor this discussion, use the following hypothetical scenario as the basis for your response: Your business partner is strongly opposed to your proposal to charge your largest customers lower prices for your web-based services than what you will charge your smaller customers. She is arguing it is unethical, unfair, and possibly illegal. Address the following in your discussion post: Make a case that both groups of customers will be satisfied with the deal and that this is a perfectly legal form of pricing in a business-to-customer relationship. What degree is this type of price discrimination? How will the plan increase revenue? Why will both groups of customers be satisfied with the deal? Why is this a legal form of pricing?arrow_forwardAre there trades were competitors in the same line of business agree to price fix their goods and services?arrow_forward
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