List and explain the three kinds of pricing methods.

Q: A company’s marketing environment consists of actors and forces outside the company that affect mark...

A: There are several external factors which might affect the business of the firm. It can be political,...

Q: Why is selecting appropriate target markets importantfor an organization that wants to adopt the mar...

A: Target Markets: When a company wants to sell its products and services to a potential group of custo...

Q: What is SWOT analysis and why is it important?

A: SWOT analysis stands for strengths, weakness, opportunities and threats. It assumes that strengths a...

Q: Identify the five components of the promotional mix.

A: Promotion – it covers all those activities that informs the customer about the product, the brand or...

Q: Define geodemographic segmentation.

A: Geodemographic segmentation is a segmentation technique which is used to classify and characterize n...

Q: As a marketing consultant, a prospective business man has approach you to advise him on his intentio...

A: The process of creating a product and positioning it into the market among the consumers undergoes a...

Q: What are the risks associated with global franchising?

A: Global franchising means breaking national borders to trade internationally by distributing represen...

Q: Which of the following terms refers to people who create businesses under risky conditions? A) inves...

A: To start a business from scratch with bearing full risk and liability due to uncertain prospect of t...

Q: What are the four types of competition? Which is mostimportant to marketers?

A: The business endeavor to compete with the rivals in order to get maximum advantage and edge over the...

Q: Identify the stages of the business buying decision process. How is this decision process used when ...

A: Business buying decision process is the decision making process that an organisational buyers goes t...

Q: Is positioning of products a determinant of future purchase by consumers? Cite at least 3 examples t...

A: Product positioning is a marketing strategy that is  targeted by the marketers to consumers to conve...

Q: How do the characteristics of digital marketing affectthe promotion element of the marketing mix?

A: It is the latest promotional tool and cutting edge technology which gives an edge in the marketing e...

Q: Hilton Worldwide was founded in 1919, and the lodging giant is expanding by adding new brands and op...

A: “ As you have asked multiple questions at once, we will be solving the first question for you. If yo...

Q: How do convenience products and shopping productsdiffer? What are the distinguishing characteristics...

A: Consumer products are those in which the end user is the consumer and is produced based on the needs...

Q: Marketing communications are the means by which firms attempt to inform, persuade and remind consume...

A: Marketing communication means interacting with consumers through different channels of marketing to ...

Q: When demand exceeds capacity?

A: The mismatch of the demand and supply cycle due to certain economical constituents' impacts on the o...

Q: A contractor of fast food giant failed to deliver the expected output of an inventory systems upgrad...

A: In a market, when making marketing strategies, firms generally analyze the market position and strat...

Q: Explain how companies manage existing productsthrough line extensions and product modifications.

A: Line extension means extending an existing product line of the company. Any type of substantial chan...

Q: Why might penetration pricing potentially negatively impact brand image and product positioning in t...

A: Penetration pricing is a strategy in which the price is initially set low to attract customers. The ...

Q: Discuss the six step price setting procedure in marketing

A: Price setting is a vital component while launching a product in the market. Price is an important fa...

Q: Contrast oral, written, and nonverbal communication.

A: When an organization uses marketing strategy, it is needed to understand what form of communicating ...

Q: Name some factors affecting the choice of promotional mix

A: The marketing mix consists of several attributes of product features that are uniquely combined to m...

Q: Summarize why it is important to examine andrespond to the marketing environment.

A: Marketing environment refers to the factors and environment which surround the business and affect t...

Q: What are the primary concerns of business customers?

A: In every business, customers are considered the chief because they help to generate revenue. In gene...

Q: A product’s life cycle is divided into four stages, including:a) introduction.b) growth.c) maturity....

A: It presents the phases of development and growth of the product in the business cycle. It provides t...

Q: What are some advantages and disadvantages of ADVERTISING as a marketing method?

A: Advertising is a paid form of communication in marketing which creates brand awareness about the pro...

Q: Heinz, in order to boost its sales, came up with ketchup in gross green and funky purple colors. It ...

A: Marketing strategies are very vital for a growing business and for every marketer the Ansoff matrix ...

Q: What are the major stages in the consumer buyingdecision process? Are all these stages used in allco...

A: Consumer buying decision process is a sequence of steps that a consumer goes through  while purchasi...

Q: Define digital media, digital marketing, andelectronic marketing.

A: Internet has taken over the world and marketers are making full use of it.There are so many digital ...

Q: How does BMW segment its consumers? What does BMW do well to market to each segment group?

A: Market segmentation is the process of dividing the market into homogeneous groups who have similar c...

Q: describe Jeffkin's six-point PR model

A: It is the Technique through which the promotional model can be well established to get the message c...

Q: The potential for failure in the Communication Process Model can happen anywhere during the process ...

A: Communication is the flow of information in a hierarchical structure and chain in command line invol...

Q: What are the stages in the product adoption process,and how do they affect the commercializationphas...

A: Products adoption phase is the process of customers becoming aware about the product or service, und...

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.”