Price is an important element of the marketing mix. Create a word response to the following, * Describe the importance of pricing in the marketing mix * Describe three different pricing strategies and provide a real-life example of each in action. * Suggest another strategy that would have worked better.
Price is an important element of the marketing mix. Create a word response to the following, * Describe the importance of pricing in the marketing mix * Describe three different pricing strategies and provide a real-life example of each in action. * Suggest another strategy that would have worked better.
Chapter19: Pricing Concepts
Section: Chapter Questions
Problem 1DYMP
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Concept explainers
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.”
Question
Price is an important element of the marketing mix. Create a word response to the following,
* Describe the importance of pricing in the marketing mix
* Describe three different pricing strategies and provide a real-life example of each in action.
* Suggest another strategy that would have worked better.
* What are the steps that need to be followed for developing the pricing of a new product? Can these steps be interchanged? Why?
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