Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 14, Problem 4CE
Summary Introduction
To determine: The task performed, skills needed, pay and opportunity outlook of the career.
Introduction: Cost estimators’ job is to collect data that can help to find out the cost of a particular thing, that thing can be a new building, product or any service.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Think about the last time you went to a shop, and consider how many different products there were to choose from, all of which have different prices
Explain how pricing affects you as a consumer. Include the following details:
An example of a time when you were faced with two identical or similar options and chose the cheaper option and explain why;
If there are any products or services you feel you cannot compromise on price for, and why or why not; and How pricing affects your satisfaction with a product or service.
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.
Why is finding and implementing the right pricing strategy critical to a company’s success?
Chapter 14 Solutions
Understanding Business
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
Knowledge Booster
Similar questions
- What is psychological pricing, and how is it used by sellers? Give an example.arrow_forwardHow can businesses find the perfect balance between profit maximization and customer satisfaction through pricing?arrow_forwardWeek 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? Over the past several years, careful shoppers may be spending about the same amount of money at the grocery store but leaving the store with a lighter load in their grocery bags. Food prices on many items have increased, and food manufacturers are facing the same challenges as consumers. With increases in raw materials and transportation, making a profit requires a very sharp pencil. According to Phil Lempert, editor of SupermarketGuru.com, “The reality is, if you look at USDA projections, food is going to get more expensive. And as a result, food companies are going to do one of two or three things: Raise prices and keep packages the same, or reduce the quantity in the package. Or do a little of…arrow_forward
- Insights about "Good pricing involves finding a balance between the customer's desire to obtain good value, and the company's need to cover costs and earn profits"arrow_forwardDoes "value" mean the same thing as "low price"? How do these concepts differ? Pick two competing brands from a familiar product category (watches, perfume, consume electronics, restaurants) - one low priced and the other high priced. Which, if either, offers the greatest value? Why might the strategy for setting a product's price need to be changed when a product is part of a product mix? What are the five product mix pricing strategies? Provide an example of each. (4 points) Alicia is a self-employed hair stylist who owns her own salon. She has asked you to consult with her on how to generate more revenue. Using the price adjustment strategies discussed in the chapter, advise Alicia on her options to increase sales. Please be detailed in your response with why you are choosing each.arrow_forwardIn what situations is cost-based pricing most suitable for businesses?arrow_forward
- As a newly appointed CFO of a microfinance, you realize the products on offer are not viable and therefore you decide to overhaul the product development process and product pricing. Highlight the key aspects you will focus on to ensure products are viable.arrow_forward• Identify THREE key Pricing strategies and discuss the importance of understanding customer value perceptions, company costs, and competitor strategies when setting prices. What did you learn about. the factors affecting pricing and products, services, and brands. What did you learn about how companies adjust and change their prices to consider different types of customers and situations, these can just be bullet points or a short narrative. • Pick ONE of these key concepts and summarizes the significance of these in a 1 or 2 paragraph explanation of the strategy. (Including examples if appropriate)arrow_forwardWhat Is the man (most Important) way that Cost-Based Pricing is different from Customer Value- Based Pricing? Please use no more than 2 bullet points for your answer.arrow_forward
- The pricing strategies of car dealers and airlines are somewhat unique and are examples of variable pricing. Unlike the price of most goods that remain static for some period of time, these two are example of pricing that fluctuates constantly. Two people may pay different prices for a car or an airline ticket on the same day. Please read the two articles below and answer the following questions in a short few paragraphs. How do the two differ in strategy and what drives this difference? Find an example of another good or service that is priced like automobiles or airline seats and explain the process. https://www.nerdwallet.com/blog/loans/dealers-set-car-prices/ https://www.farecompare.com/travel-advice/understanding-airline-ticket-prices-why-your-seatmates-airfare-cost-more-or-less-than-yours/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_forwardCan cost-plus pricing maximize profit? Why, or why not?arrow_forward
arrow_back_ios
arrow_forward_ios