Understanding Business with Connect Access Card
12th Edition
ISBN: 9781260277142
Author: William Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
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Question
Chapter 14, Problem 3PPT
Summary Introduction
To discuss: Whether the online or brick and mortar consistently offers the best price or not as compared to the local stores
Introduction: Brick and mortar stores are the traditional stores that have physical presence. It is different from online store which does not have any physical presence.
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Suppose you have been hired as the pricing manager for a drugstorechain that typically adds a fixed percentage onto the cost of eachproduct to arrive at the retail price. Evaluate this technique. What wouldyou do differently?
Retail Price Comparison
* Use U.S. dollars and stores located in the United States
To demonstrate the wide variation in pricing of an identical item, visit three different stores online and compare prices on similar items. Please do not just get on Amazon and compare prices there for an item. Actually visit different independent store websites. It might be really interesting to visit a local store's website and a national store's website, comparing pricing for the same item.
1. Select a category of store. Some suggestions are:
Grocery: large chain store, local chain store, convenience store
Health and beauty aids: grocery store, drugstore, discount store
Over-the-counter drugs: chain drugstore, local drugstore, discount store
Clothing: specialty store, department store, discount store
2. Select several items to compare in your category.
For example, in the grocery category, you may want to compare a type of cereal, a canned soup, and a snack…
Week after week, consumers shop for many of the same groceries. At some point, the product may be priced the same and look the same as before but with less in the package. If consumers are not made aware of the change, is this deception? Is this different from deceptive pricing? Explain.
Chapter 14 Solutions
Understanding Business with Connect Access Card
Ch. 14.1 - Prob. 14.1AQCh. 14.2 - Prob. 14.2AQCh. 14.2 - Prob. 14.2BQCh. 14.2 - Prob. 1TPCh. 14.2 - Prob. 2TPCh. 14.2 - Prob. 3TPCh. 14.2 - Prob. 4TPCh. 14.3 - Prob. 14.3AQCh. 14.3 - Prob. 1MEDCh. 14.4 - Prob. 5TP
Ch. 14.4 - Prob. 6TPCh. 14.4 - Prob. 7TPCh. 14.4 - Prob. 8TPCh. 14.5 - Prob. 14.5AQCh. 14.6 - Prob. 9TPCh. 14.6 - Prob. 10TPCh. 14.6 - Prob. 11TPCh. 14.6 - Prob. 12TPCh. 14.7 - Prob. 14.7AQCh. 14.7 - Prob. 14.7BQCh. 14.7 - Prob. 13TPCh. 14.7 - Prob. 14TPCh. 14.7 - Prob. 15TPCh. 14 - Prob. 1CECh. 14 - Prob. 3CECh. 14 - Prob. 4CECh. 14 - Prob. 1CTCh. 14 - Prob. 2CTCh. 14 - Prob. 3CTCh. 14 - Prob. 4CTCh. 14 - Prob. 1DCSCh. 14 - Prob. 2DCSCh. 14 - Prob. 3DCSCh. 14 - Prob. 4DCSCh. 14 - Prob. 1PPTCh. 14 - Prob. 2PPTCh. 14 - Prob. 3PPTCh. 14 - Prob. 4PPTCh. 14 - Prob. 1VCCh. 14 - Prob. 2VCCh. 14 - Prob. 3VC
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Similar questions
- You have a great idea for a business and need to create a business plan to present to a bank. Choose one of the following products or services and draft the part of your plan that describes how you will price and market it. 1. Haircuts at home.2. Online apartment rental listing.arrow_forwardSpend a little bit of time perusing Alibaba.com and looking at some samples of the things that are available for purchase there. What are some of the logistical variables that come into play when purchasing an item on Alibaba.com as opposed to purchasing an item on Amazon.com?arrow_forwardIn terms of the costs, will you prefer doing shopping every day or once a year? whyarrow_forward
- Retail Price Comparison To demonstrate the wide variation in pricing of an identical item, visit three different stores online and compare prices on similar items. Please do not just get on Amazon and compare prices there for an item. Actually visit different independent store websites. It might be really interesting to visit a local store's website and a national store's website, comparing pricing for the same item. 1. Select a category of store. Some suggestions are: Grocery: large chain store, local chain store, convenience store Health and beauty aids: grocery store, drugstore, discount store Over-the-counter drugs: chain drugstore, local drugstore, discount store Clothing: specialty store, department store, discount store 2. Select several items to compare in your category. For example, in the grocery category, you may want to compare a type of cereal, a canned soup, and a snack item. If possible, you might check prices at a local store…arrow_forwardPrice and samples of products can be good when selecting a retailer,but is it enough?arrow_forwardThinking about the hotel industry, I'm wondering does the hotels use long run pricing or short run pricing in business?arrow_forward
- As a computer manufacturer, you face the daunting challenge of catering to consumers' needs for affordable products without sacrificing quality or performance. Provide us with details on the method you'd use to produce high-quality equipment at affordable pricing.arrow_forward“Larger the number of intermediaries, higher would be cost of product” Comment on this statement. Give suitable examples to support your arguments. Explain brieflyarrow_forwardSuppose you plan to start your own enterprise to manufacture a shawl quite different from existing kasmir shawls available in the local market. Give a complete account on target market, pricing strategy , channels of distribution. Give your justifications for all these decisionsarrow_forward
- 3 Describe the good/service you purchased, including the type of item, brand name, and price. Explain how the seller provided value to you through form, place, time, and possession utility. How might you improve this?arrow_forwardExplain why fine dining establishments must have very high markups over the cost of their foods. Is it possible to be a low-priced fine dining establishment?arrow_forwardGiven that there is a serious disadvantage to cost-based pricing, how would you account for its widespread use in retailing and other businesses?arrow_forward
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