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- Of the following chose the answer that is most true with respect to price?... a. Price is the least flexible element in the marketing mix. b. Price is the totality of all the values that customers give up to gain the benefits of having a product. c. Unlike product features and channel commitments, prices cannot be changed quickly. d. Prices only have an indirect impact on a firm's bottom line.By definition, "Price" isSingle choice. a. what is charged for something (product or service) b. the term used by marketers defining the cost of a product c. the sticker on a product that suggests a price d. calculated by dividing cost with retail selling priceIdentify 2 tactics for improving value capture for Mio Amore. Beyond price, often these value capture tactics involve changing the business model, product, or channel. What changes will need to be made for each of these value capture tactics? (400 maximum word limit)
- The Lilly Pulitzer brand of brightly colored dresses and resort themed designer items is the uniform of the preppy, Palm Beach set. Indeed, only select young women belonging to certain sororities in certain communities are allowed discounts on the $100 to $500 items. But Target created a buying frenzy by debuting its Lilly for Target collection in April 2015. Target’s Pulitzer line was composed of 250 items, such as Lilly dresses at $40, which sold out within minutes of launch, crashed the store’s Web site, and created a firestorm of negative online comments from customers. The long lines outside stores caused one manager to name the event “Preppy Black Friday,” likening it to the frenzied shopping day after Thanksgiving known as Black Friday. Most shoppers went home empty-handed because others scooped up as much as they could, emptying the racks within minutes. Items then sold on eBay for much higher prices. This type of launch is not new for Target. In 2011, the retailer launched a…The Lilly Pulitzer brand of brightly colored dresses and resort themed designer items is the uniform of the preppy, Palm Beach set. Indeed, only select young women belonging to certain sororities in certain communities are allowed discounts on the $100 to $500 items. But Target created a buying frenzy by debuting its Lilly for Target collection in April 2015. Target’s Pulitzer line was composed of 250 items, such as Lilly dresses at $40, which sold out within minutes of launch, crashed the store’s Web site, and created a firestorm of negative online comments from customers. The long lines outside stores caused one manager to name the event “Preppy Black Friday,” likening it to the frenzied shopping day after Thanksgiving known as Black Friday. Most shoppers went home empty-handed because others scooped up as much as they could, emptying the racks within minutes. Items then sold on eBay for much higher prices. This type of launch is not new for Target. In 2011, the retailer launched a…32- Which one of the following is the reason for inelastic consumers that the retailers should consider in fixing the price? a. Consumers are price sensitive b. There are substitutes c. There are no substitutes d. Purchase urgency is low
- 38.Which of the following is not a valid reason for using trade discounts as adjustment to list price? a. To encourage collection of account within a specified period b. To encourage customers to buy in big quantities c. To avoid frequent changes in price catalogs d. To make price differentials among different classes of customersIf customers perceive that a products price is greater than its value, they won't buy it. Select one A. False. B. TrueThe role of value and price communications is to protect your value proposition from any of the following except: a. competitive encroachment b. improve willingness to pay c. acquire the product in the desired location d. increase the likelihood of purchase
- Customers are more aware when they consider the price as a loss instead of a gain. a. price framing effect b. reference price c. price communication d. proportional price evaluation22- For which of the following is demand likely to be least elastic to price changes? Group of answer choices theater tickets spring break vacations restaurant meals prescription drugs 23- Which of the following is NOT a sales promotion directed at consumers? Group of answer choices premium allowance (slotting fee) sweepstakes coupons 24- When manufacturers or brands want to choose retailers, a key factor in that decision is Group of answer choices where their target customers expect to find their products how many employees the retailers have whether customers will find the store atmospherics appropriate to the location if customers are using credit cards or cash to make purchasesFor effective segmentation of market demand, the basis for putting each customer into a given price segment requires criteria that are _____ and _____. verifiable; at each consumer's discretion easy to check; hard to change consistent across consumers; hard-to-change based on preferences; easy to change