Take a position: Prices should reflect the value consumers are willing to pay versus Prices should reflect only the cost of making a product or delivering a service.
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Take a position:
Prices should reflect the value consumers are willing to pay versus Prices should reflect only the cost of making a product or delivering a service.
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Solved in 2 steps
- What elements are consumers likely to consider when evaluating the purchase price of a product they want to own compared with the price of renting that product for a limited time?If your customers can see the value of buying your product or service, they'll happily pay the price. If they don't see that value, it makes little difference how low you set your price, the customer will look somewhere else for the perceived value, even if "somewhere else" costs more than your product or service. True or False?Explain how the firm (Education/Community College) can increase its profits by using price discrimination. What segments of the market could be charged higher / lower prices, and why? What might be your guess for the range of these prices?
- Why setting prices for business products is different from setting prices for consumer products?what are potential consumer responses to service pricing or policies that are perceived as unfair?Based on the scenario, how can you define the importance of the price of a product in attractingcustomers?
- What is the difference between basic, producers’ and purchasers’ prices?What is the difference between basic, producers'and purchasers' prices?One of the four Ps of marketing is price. Explain what elements are involved in price besides the amount of money a customer pays for a product. In your answer, be sure to consider the concept of customer value
- Describe information that consumers may perceive from price. For example, some consumers think that if an item has a high price, then it will probably be better than its competitors. That may or may not be true.Discuss at least three markets where you think time-varying prices mainly help to take advantage of differences in willingness to pay between groups of people that tend to purchase at different times. Briefly explain your choices.One of the four Ps of marketing is price, explain in your own words, what elements are involved in price besides the amount of money a customer pays for a product. In your answer, be sure to consider the concept of customer value.