Contemporary Marketing
18th Edition
ISBN: 9780357033777
Author: Louis E. Boone, David L. Kurtz
Publisher: Cengage Learning
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Chapter 14.5, Problem 1LO
Summary Introduction
To discuss: The way how the price affects the perceptions of consumers of quality.
Business uses varies strategies to set the amount or value of funds that are required to buy a product is termed as price.
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Demonstrate how the product life cycle, competition,distribution and promotion strategies, customers demands,the internet and extranets and perceptions of quality can affect price.
Explain why it is more important for a purchasing transaction, price , timing or quality ?
Describe what is more important for a purchasing transaction, price timing or quality ?
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Contemporary Marketing
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- The three major influences on pricing decisions are: costs, competitors, and customers. TRUE FALSEarrow_forwardExplain the product life cycle using an example of Adidas Stan Smith Sneakersarrow_forwardExplain why it is a good idea to price a product according to value perception of the customers. Also give some examples of products in which the company has used value-based pricing technique ???arrow_forward
- For a marketing project, I am working on manufacturing and selling product (Ramen). I must write about ‘PRICE’ for the product we make. Following are the details which I should include. I have required a detailed explanation about how price affects and the changes based on the following information. (Include all information together and a long explanation) Our product is a premium grocery item, and we want to be perceived as a high-quality brand. The price for a single serving is $6.99 Price for 4 servings - 17.99 (Above market price) Pricing approach Odd-even pricing will be used. And it always must be above market price. Adjustments: Quantity Discounts – For retailers when we have some kits that are about to expire. Trade Discounts (Wholesalers and Retailers) Promotional Allowances to reduce price of the product to retailers so that they include it in their catalogs, and we sell more overall) And will the price change over time? If so, how? (Since it is ramen, It doesn’t…arrow_forwardwhich is more important price or quality?arrow_forwardAbstractly dei ned as quality divided by price.arrow_forward
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