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 4PPT
Summary Introduction
To determine: The advantages and disadvantages of shopping online and shopping in stores and the store that gives the best total product offer.
Introduction: Total product offer refers to all the features and things that are offered with the product and that consumer evaluate before making a buy decision.
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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…
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.
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
Knowledge Booster
Similar questions
- Spend 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_forwardRetail 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_forward
- Price and samples of products can be good when selecting a retailer,but is it enough?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
- Explain 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_forwardWhat do you need from your favourite online store in terms of how it works and how it looks?arrow_forward
- Choose a pharmaceutical product that is on the market today and answer the following by doingsome research about the drug online. a. Explain what the drug is and what it is used for, and find an estimate of its price. Are thereavailable substitutes for this drug for its primary uses? b. Look online to see if you can find estimates of the markup above costs on the pharmaceuticalyou have chosen. If you cannot find this, see if you can find information on the history ofmarkups of that pharmaceutical (often times you may not know the markup above cost, butcan see that the drug has seen some % markup in price since it was introduced – this growth inthe price will suffice as a proxy for markup above costs of production). c. Based upon our discussion of the relative price setting power of different goods (use the LernerIndex), how does your understanding of the use of the good and the available substitutesexplain the markups you observe on this drug?arrow_forwardUtilize the web to gather information on the four most popular packages of this kind, which are sold by different companies?arrow_forwardYour friend just developed a new educational toy. It is meant for babies and parents love it because it helps develop babies brains. Priced at $25, your friend wants to distribute it directly to consumers on a website. She says "I want to eliminate the middleman so I can make more money. And besides, everyone know about the trend of direct-to-consumer. Just Google it!" You are not so sure and think she may be missing something. Explain to her whyarrow_forward
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