Practical Management Science, Loose-leaf Version
5th Edition
ISBN: 9781305631540
Author: WINSTON, Wayne L.; Albright, S. Christian
Publisher: Cengage Learning
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Chapter 7.3, Problem 4P
Summary Introduction
To use: A data table to confirm the findings.
Non-linear programming (NLP):
Non-linear programming (NLP) is used in complex optimization problems where the objectives or constraints or sometimes both are non-linear functions of the decision variables. A model can be termed as non-linear for more than one reason.
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1. At a local Bed and Bath Superstore, the manager knows her customers will pay no more than $390 for a bedspread. The company wants a 40% markup on selling price. What is the most that the company can pay for a bedspread to realize the required markup?
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 answer
3. As the marketer of your own professional services, you are responsible for price setting.
Thus, it is necessary that you think about your pricing policy.
a. Describe how a business professional might implement the following pricing policies in
the pricing of his or her services: negotiated price policy and fixed price policy.
b. Give and justify your views as to which of these pricing policies would be more
appropriate in an individual's professional services pricing.
Chapter 7 Solutions
Practical Management Science, Loose-leaf Version
Ch. 7.3 - Prob. 1PCh. 7.3 - Prob. 2PCh. 7.3 - Pricing Decisions at Madison The Madison Company...Ch. 7.3 - Prob. 4PCh. 7.3 - Prob. 5PCh. 7.3 - Prob. 6PCh. 7.3 - Prob. 7PCh. 7.3 - Prob. 8PCh. 7.3 - Prob. 9PCh. 7.3 - Prob. 10P
Ch. 7.3 - Prob. 11PCh. 7.3 - Prob. 12PCh. 7.3 - Prob. 13PCh. 7.3 - PRICING SUITS AT SULLIVANS Sullivans is a retailer...Ch. 7.3 - Prob. 15PCh. 7.4 - Prob. 16PCh. 7.4 - Prob. 17PCh. 7.4 - Prob. 18PCh. 7.4 - Prob. 19PCh. 7.4 - Prob. 20PCh. 7.4 - Prob. 21PCh. 7.4 - Prob. 22PCh. 7.4 - Prob. 23PCh. 7.5 - Prob. 24PCh. 7.5 - Prob. 25PCh. 7.5 - Prob. 26PCh. 7.5 - Prob. 27PCh. 7.6 - Prob. 28PCh. 7.6 - Prob. 29PCh. 7.6 - Prob. 30PCh. 7.6 - Prob. 31PCh. 7.6 - The method for rating teams in Example 7.8 is...Ch. 7.7 - Prob. 35PCh. 7.7 - Prob. 36PCh. 7.7 - Prob. 37PCh. 7.7 - The stocks in Example 7.9 are all positively...Ch. 7.7 - Prob. 39PCh. 7.7 - Prob. 40PCh. 7.7 - Prob. 41PCh. 7.7 - Prob. 42PCh. 7.8 - Given the data in the file Stock Beta.xlsx,...Ch. 7.8 - Prob. 44PCh. 7 - Prob. 45PCh. 7 - Prob. 46PCh. 7 - Another way to derive a demand function is to...Ch. 7 - Prob. 48PCh. 7 - If a monopolist produces q units, she can charge...Ch. 7 - Prob. 50PCh. 7 - Prob. 51PCh. 7 - Prob. 52PCh. 7 - Prob. 53PCh. 7 - Prob. 54PCh. 7 - Prob. 55PCh. 7 - Prob. 56PCh. 7 - A beer company has divided Bloomington into two...Ch. 7 - Prob. 58PCh. 7 - Prob. 59PCh. 7 - Prob. 60PCh. 7 - Prob. 61PCh. 7 - Prob. 62PCh. 7 - Prob. 63PCh. 7 - Prob. 64PCh. 7 - Prob. 65PCh. 7 - Prob. 66PCh. 7 - Prob. 67PCh. 7 - Prob. 68PCh. 7 - Prob. 69PCh. 7 - Prob. 70PCh. 7 - Based on Grossman and Hart (1983). A salesperson...Ch. 7 - Prob. 73PCh. 7 - Prob. 74PCh. 7 - Prob. 75PCh. 7 - Prob. 76PCh. 7 - Prob. 77PCh. 7 - Prob. 78PCh. 7 - Prob. 79PCh. 7 - Prob. 80PCh. 7 - Prob. 81PCh. 7 - Prob. 82PCh. 7 - Prob. 83PCh. 7 - Prob. 84PCh. 7 - Prob. 85PCh. 7 - Prob. 86PCh. 7 - Prob. 1.1CCh. 7 - Prob. 1.2CCh. 7 - Prob. 1.3CCh. 7 - Prob. 1.4C
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- Legal and Ethical Issues on Pricing Policies & Practices Instruction:1. Select a current legal and ethical issue on the company's pricing policies and practices. 2. Identify the source or online link of the aforementioned article. (Article should be within 2015-2022) 3. Identify the problem. 4. Give two solutions of the problem. 5. Determine the PROs and CONs of each of the solution. 6. Select the best solution. Discuss briefly.arrow_forward18Tny ana deecribe the factors to consider when setting prices and nev product pricing and its general pricing approaches (ABM_PM11-ilae-17) Discuss the structure of distribution channels, Ite functions, and the nature of supply chain management (ABM_PM11-Hla-e-18) Define and Identify relevant promotlonal tools, namely, advertising, sales promotion, personal selling, public relations, and direct marketing to create awareness and persuade the target market to buy the product or patronize the service (ABM_PM11-lla-e-19) What I Know Pretest for thls Chapter Directions: From the pool words Inside the box, choose the appropriate term for each description below. Promotion packaging goodwll Undifferantiated goods solution product advertiaing madium target return prielng communication boost labeling publicity thred sold 1. The 2. The Is the first element in the marketing mix. serves to contain and protect, and, sometimes, identify and promote the product. 3. packaging, or on the product…arrow_forwardDemonstrate how the product life cycle, competition,distribution and promotion strategies, customers demands,the internet and extranets and perceptions of quality can affect price.arrow_forward
- Nonearrow_forwarda. Knowing that price competition is very fierce in this market, is firms’ choices of maximumdifferentiation optimal? b. Imagine that entry in this market became easy and, as a consequence, many firms enteredwith ice creams with intermediate levels of smoothness between Ben&Jerry’s and Haagen-Dazs.How could you represent this situation and how will it affect prices and profits as more firmsentered? How would you expect the level of advertising to change ifentry took place in this market.b. Both firms advertise heavily to consumers. What do you think that is the effect of advertisingon competition in this market? Based on what you know about this market and the type of product, which type of advertising would you expect the firms to mostly engage in?arrow_forwardFor the following question the unit variable cost to make SD 721 is $100, and the fixed cost is $5,000,000 Anna Doors, CEO of Elsa, wanted to announce the use of cost-plus pricing in a pressconference, so she asked her assistant to calculate what the % markup would be if Elsamade exactly enough phones to fulfill orders from Numbers Inc. and then sold them at$175. Mr. Assistant moonlights as a student in a marketing class, so he knew how tocalculate the answer. What is the number that he came up with and how?Markup price = unit cost / (1 – desired return on sales) calculate your markup pricearrow_forward
- The management of a firm wants to increase their firm’s market share by 50% within the next three years. To accomplish this goal, they determined a competitive pricing strategy. Name of the management function: Reason:arrow_forwardA1 The corporate leadership team inquired about the use of a "price match guarantee". This policy would mean A+ Rental Cars will match our competitor's price for a certain vehicle category if their price is lower than ours. Please comment on the viability of the this policy. Is it a good idea? Why or Why not? You woke up this morning to a troubling advertisement on TV: A+ Rental Cars' local competitor is discounting their economy rentals. After doing a little digging, you discover that your competitor has launched an aggressive advertising campaign, reducing the price on their economy line from $32.99 to $24.99. Based on your knowledge of previous pricing practices, you expect a similar price reduction across all vehicle types.arrow_forwardPrice: What is the price for coca-cola What are some of the costs involved in making the product of coca cola How does the competition affect price (what are they charging) of the coca colaarrow_forward
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