What does ͞price mean and what are the objectives of pricing?What is the pricing procedure? What does it consist?What must be considered first before setting the price?What are the various approaches to pricing?What is the purpose of ͞target rate of return pricing?What is ͞odd-numbered pricing͟? What are the reasons behind this method?What are price adaptation strategies?Why are discounts given to customers?What is the degree of control over price by the seller in a monopsony? Why is this so?

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What does ͞price mean and what are the objectives of pricing? What is the pricing procedure? What does it consist? What must be considered first before setting the price?

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter19: Pricing Concepts

Section: Chapter Questions

Problem 2DYMP

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Concept explainers

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.”

Question

What does ͞price mean and what are the objectives of pricing?
What is the pricing procedure? What does it consist?
What must be considered first before setting the price?
What are the various approaches to pricing?
What is the purpose of ͞target rate of return pricing?
What is ͞odd-numbered pricing͟? What are the reasons behind this method?
What are price adaptation strategies?
Why are discounts given to customers?
What is the degree of control over price by the seller in a monopsony? Why is this so?

Definition Definition Percentage gain or loss from a specific investment over time. The rate of return is the difference between the closing and initial values of an investment divided by the initial value of the investment. The closing value includes any intermediate cash flows such as dividends or interest amounts.

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