Describe the difference between fixed, semi-variable and variable cost

Q: Define the major types of cost

A: Cost accounting is a process of accounting which calculates all production-related costs, including…

Q: Explain the terms cost and costing, as well as the function that costing plays in product…

A: The question is related to Cost, Costing and function that costing plays in product management.

Q: Explain the concept of “everyday low pricing” used by supermarket chain Puregold. Evaluate the…

A: The pricing of products in retail organizations is fixed based on many criteria. There are many…

Q: What are the two methods of pricing parts? Provide a brief explanation of each.

A: The Methods of pricing parts are explained below in the following:- 1. Market based pricing : The…

Q: explain and differentiate demand sensitive pricing model and bartering model.

A: Both bartering model and demand sensitive pricing model are dynamic pricing models. Demand sensitive…

Q: Explain in your own words and also give examples of how price gouging is harmful for the customers…

A: Quality management is a process of controlling or managing the quality of the product so as to…

Q: In a business organization, describe how what a manager is referring to when speaking of “prices”…

A: Price and cost are generally used interchangeably in a business scenario, however these two are…

Q: Describe the concepts of cost and costing, as well as the role they play in the management of…

A: Management of the financial resources of any business is an essential activity of an organization.…

Q: Describe the three pricing methods discussed in the textbook ( cost-based, demand- based,…

A: Pricing strategies can be referred to as a marketing strategy that is utilized by organizations to…

Q: Define skimming pricing strategies?

A: Price skimming is a product price strategy in which a company charges the highest original price…

Q: why the chosen price proposed would maximize the revenue?

A: You must sell your old phone or laptop yourself if you want to obtain the top price for it. That…

Q: Discuss the difference in fixed and variable costs and give a variety of examples

A: Cost is the value of money used to produce something or delivering services to the targeting…

Q: What are the four methods used in by-product costing, and how do they differ? Which is the…

A: As we all know that “by-products” is generally used to denote one or more products of relatively…

Q: Explain why resale price maintenance might be expected to benefit consumers.

A: Introduction : With a resale price maintenance policy, a manufacturer works with a number of…

Q: Costing your product- Definition of types of costs Define the following types of costs and give at…

A: A cost is the amount of money that has been used up to manufacture anything or provide a service and…

Q: 15- The retailer who sets prices below its costs to drive competitive retailers out of business is…

A: Predatory pricing: Predatory pricing refers to the low pricing of products set by one retail…

Q: Insights about "Good pricing involves finding a balance between the customer's desire to obtain good…

A: Ans. In the end, the purchaser decides whether or not a product’s worth is right. Therefore, beyond…

Q: Fine-tune the base price with pricing tactics.

A: Pricing is most important tool with any marketer. It not only gives the power to increase the profit…

Q: Which industry is most likely to adopt an experience-curve pricing approach? Multiple Choice…

A: Experience curve pricing approach refers to a process of pricing below the average cost level of the…

Q: Discuss the impact of the economy on a company’s pricing

A: The pricing policy is a tool for achieving the aims of a planned company, it helps the company to…

Q: A business has significant costs in the development stage of a new product prior to launch as well a…

A: A business has significant costs in the development stage of a new product prior to launch as well a…

Q: What profit-based pricing approach should a manager use if he or she wants to renect the percentage…

A: Pricing is the process by which a company determines the price at which it will sell its products…

Q: Discuss the key issues related to initiating and responding to price changes?

A: The issues relating to pricing goes a wide array of socio economic factors. Some of which are…

Q: Explain the cost concepts used in product and service costing.

A: Costing is the process of classifying, tracking, and allocating expenditure accordingly to assess…

Q: Explain briefly the concept of shadow pricing and comment on the usefulness and it's limitations

A: Pricing is seen as one of the most important P in the marketing mix of any company. It is said that…

Q: Can cost-plus pricing maximize profit? Why, or why not?

A: Two approaches of cost-plus pricing: Cost-plus pricing: In this method of pricing a product, the…

Q: Describe the types of cost based pricing and the methods of implementing each?

A: Соst  based  рriсing  methоd  meаns  when  the  рrоduсer  decides  his  рrоfit  mаrgin  as  per  the…

Q: What are the uses, purposes and importance of hedonic pricing and how it can be applied to the…

A: Hedonic pricing is a price structure that finds price determinants based on the idea that price is…

Q: Which of the following term best described the following definition when marketer apply pricing…

A: Here in the given Multiple choice question, we will be choosing an appropriate option or term and…

Q: Once a company determines a base price, a series of price tactics are often offered to help…

A: Pricing relates to setting up the price for a product or service. Pricing is a part of the marketing…

Q: Briefly describe the application of the cost-plus pricing methodology.

A: Price is the amount fixed to a product or service offering. It is one of the four P’s of marketing…

Q: The retailer who sets prices below its costs to drive competitive retailers out of business is…

A: A firm or company uses various pricing strategies to sell the product in the market. The pricing…

Q: Cheese makers have discovered a use for their leftover brine, a salt solution used in the…

A: By-product pricing refers to setting a price for by-products to make the main product’s price more…

Q: Identify the three major pricing strategies and discuss the importance of understanding…

A: Pricing: It means the price fixed for the value going to be derived by the customer by using the…

Q: In pricing a product cost works as a floor and customer perception of the value of a product works…

A: In pricing a product cost works as a floor and customer perception of the value of a product works…

Q: Explain the unethical issues of Marketing in Pricing (Price Gouging and Price…

A: The unethical issues of Marketing in Pricing are:

Q: How will the buyer and seller relationship exist or maintain?

A: A transactional orientation of marketing refers to a marketing approach in which the marketers are…

Q: What is the difference between variable cost and fixed cost?

A: The variable cost is the cost that is not constant or the same for a producer. The variable cost…

Q: Explain the term Fixed costs?

A: A fixed cost is an expense that remains unchanged as output volume rises or falls within a certain…

Q: Considering the situation of potential firms making agreements with incumbents within the framework…

A: The market entry framework is a methodology that evaluates growth possibilities, capabilities, and…

Q: How to achieve and improve micro business production and pricing scheme

A: Micro Business refers to those business factors which are with in the control of the business. These…

Customary Pricing

There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows: 

Multiple Unit Pricing

“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”