Compare and contrast fixed costs and variable costs and discuss their impor- tance in setting prices.

Q: Is it ethical for companies to split-test price points by offering different pricesto different…

A: Ethics or moral philosophy is a philosophy branch that "involves the systematization, protection,…

Q: Recognize the objectives a firm has in setting prices and the constraints that restrict the range of…

A: Pricing objectives specify the role of price in a firm's marketing strategy and may include profit,…

Q: Name and describe the types of costs marketers must consider when setting prices. Describe the types…

A: Pricing is one of the most important and difficult tasks to do. Price is determined for the products…

Q: Describe the psychological pricing techniques and give examples

A: Psychological pricing is a technique which is used by the companies to hit the subconscious mind of…

Q: This gives an opportunity to explore direct and indirect price discrimination within the context of…

A: Direct price discrimination occurs when a firm break up consumers into identifiable groups. for…

Q: Explain in your own words and also give examples of how price gouging is harmful for the customers…

A: Quality management is a process of controlling or managing the quality of the product so as to…

Q: What is the Analytical Challenges with Mixed Price Bundling?

A: A mixed strategy is used for probability distribution to choose among the available actions…

Q: Imagine an organization has asked you to create its pricing strategy. You decide to base your…

A: A customer has to pay an amount for the product or service, and price refers to the amount of money…

Q: Under what circumstances would manufacturers either set prices that try to maximize profits, or…

A: Pricing: It is the major factor when it comes to a global business that determines GDP growth,…

Q: Discuss the difference in fixed and variable costs and give a variety of examples

A: Cost is the value of money used to produce something or delivering services to the targeting…

Q: Distinguish pricing based on the cost life cycle and pricing based on the sales life cycle, and give…

A: Product life cycle is the progress of the product from when it is created to when it is…

Q: How is the price of an item established in a target pricing contract? What makes target pricing…

A: Target pricing is a radical approach used in the early stages of the New Product Development (NPD)…

Q: How do legal and regulatory forces influence pricingdecisions?

A: Pricing decisions between competitors in order to raise prices for particular products and services…

Q: How do you explain the similarities and differences you see in these prices?

A: The above questions asked are subjective in nature and hence cannot be answered. While the answer…

Q: Explain with examples, what is direct cost and indirect cost

A: Direct costs Direct costs are operational expenses you can straightforwardly apply to deliver a…

Q: hat are the External Considerations Affecting Price Decisions?

A: Рriсing  deсisiоns  аre  the  сhоiсes  businesses  mаke  when  setting  рriсes  fоr  their  рrоduсts…

Q: Discuss the different strategies available to companies for setting prices.

A: Pricing is the determination of the price for the product to be sold to the buyers. Pricing strategy…

Q: What is the Demand Determinant of Price?

A: Pricing is the process in which business has to ensure optimal price setting for the purpose of…

Q: How can a business that is using "ideal standards" to set prices under a cost-plus method…

A: COST-PLUS PRICING METHOD: This is a type of pricing strategy that simply means selling the goods or…

Q: what is the Competitive pricing between vaseline intensive care body lotion and other competitors

A: Price is the perception of product in customer's mind. A product which is highly perceived can be…

Q: 19. Charging a very low price for the blower, but a premium price for the blankest might make sense…

A: Note - As per the guideline I am supposed to answer only first question. Please post other questions…

Q: Describe the procedure for setting the right price

A: In setting the right price, a business organization will consider the price to acquire the goods,…

Q: List the pricing practices thatare illegal or unethical.

A: Practicing ethics while pricing a product is important because it is the responsibility of companies…

Q: How to Establish price goals?

A: Pricing is to set monetary value on the product and services of the company. There are various…

Q: Discuss the importance of consumer perceptions of value and costs in setting prices. Give examples

A: Pricing is the process of determining what would be the worth of the produced goods or services. It…

Q: Explain under what circumstances will a consumer be most likely insensitive to a product’s price

A: Price is more of a psychological concept where it acts as a perceived value in the eyes of the…

Q: How can a business' pricing decisions be affected by the government's actions?

A: Pricing decision is the decision or choice that the business would make while fixing prices for…

Q: What are the uses, purposes and importance of hedonic pricing and how it can be applied to the…

A: Hedonic pricing is a price structure that finds price determinants based on the idea that price is…

Q: Once a company determines a base price, a series of price tactics are often offered to help…

A: Pricing relates to setting up the price for a product or service. Pricing is a part of the marketing…

Q: What are the internal and external factors that you must consider while setting up a price? Discuss

A: (A) Internal Factors: 1. Organisational Factors:   As These Pricing decisions occur on two levels…

Q: what is the price adjustment lag and how does it affect the price variation method

A: A marketer may operate in different markets at a single time and as it is known that monopoly does…

Q: How is a break-even analysis used to evaluate possible prices

A: Break-even analysis is the process of calculating and evaluating an entity's margin of safety based…

Q: Identify and describe the main types of discounts that are used in the pricing of business products.

A: Discounting is the method of evaluating the current value of a payment to be obtained in the future…

Q: Explain the unethical issues of Marketing in Pricing (Price Gouging and Price…

A: The unethical issues of Marketing in Pricing are:

Q: Essay. How are you going to relate price setting in your real-life situation? Give a specific…

A: Pricing refers to a marketing strategy in which a marketer makes strategies to determine the price…

Q: Explain these psychological aspects of pricing: price quality inferences, odd-even pricing. internal…

A: Pricing strategies refer to the marketing strategy which is used to determine the prices of products…

Q: For what types of products would price skimmingbe most appropriate? For what types ofproducts would…

A: Price skimming and price penetration are the pricing methods adopted by organizations when…

Q: Describe what are the factors M&S should consider while setting their new products price

A: Price is the monetary value set by the marketer on the product. This is the value perceived by the…

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.”