Marketing
6th Edition
ISBN: 9781259709074
Author: Dhruv Grewal Professor, Michael Levy
Publisher: McGraw-Hill Education
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Question
Chapter 1.2, Problem 1PC
Summary Introduction
To determine: Does selling at low cost signifies providing good value.
Introduction: Marketing is an art in which a seller sells his goods and services to his customer. Marketing has important four elements which are price, place, product and promotion.
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- If you see a price that is a little less than a round number, e.g. $1.99 or €99.95, does it makes you think of the lower number, e.g. $1 instead of nearly $2, and encourage you to buy the product? If not, why do you think most retailers use 'psychological pricing' or 'odd prices' like this?arrow_forwardRecall your past experiences. Have you been given discounts for goods youbought? When and in what occasion? When do sellers give discount? Give anexample and illustrate how it is computed. Give also an illustration of how selling price is determined.arrow_forwardWhy should a purchaser evaluate the cost of making an item instead of simplyevaluating the purchase price? Is this true for all types of products? Why or why not?arrow_forward
- 2. What do you think are the advantages and disadvantages of discounts in the following: a. Buyers b. Sellers c. Competitive Marketarrow_forward1. As an entrepreneur, one of the most significant and strategic decisions you will ever make during the life cycle of your new venture will be one of selecting your pricing approach and setting your initial price. Few decisions have such wide-ranging implications for the success of the venture, especially as this decision directly impacts every area of the business, such as customer acquisition, the break-even point, and profitability. Research several newly emerging start-ups that are focused on product-based offerings for the consumer sector that you find interesting. Select one and in a two-page paper using the principles from the text, identify, assess, outline, and analyze the totality of the pricing models, pricing strategies, and pricing decisions. Also include whether you agree with each and be sure to explain your answer (if you do not agree, indicate what changes would you make).For ENTR550, Entrepreneurial Marketing at Keller School of ManagementAPA format, include…arrow_forward1. Being at the premium end is a category upon itself. Describe the indicators of premiumness or high quality and high price that can apply to most types of products?arrow_forward
- Suppose you are in the market for a new Samsung 4K television. Yousee one advertised at a locally owned store for $300 less than it costs atBest Buy. The salesperson at the local store tells you that the televisioncame from another retailer in a nearby state that had too many units ofthat model. Explain who benefits and who is harmed from such a graymarket transaction: you, Samsung, Best Buy, and the local store.arrow_forwardHow is the information provided by shadow prices clearly valuable to management?arrow_forwardShould a distributor get a higher margin on a product’s sale than the manufacturer?arrow_forward
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