is this statement true or false? Dennis determines that a new blinking slinky toy will cost his firm $3.50 to produce. He adds 20 percent the manufacturing costs and prices the product at $4.20. This is an example of cost-plus pricing.
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is this statement true or false? Dennis determines that a new blinking slinky toy will cost his firm $3.50 to produce. He adds 20 percent the
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- You have taken a summer job in the windows and doors department of a large home improvement store. During sales training, you learn about the products, how to best address customers’ needs, and how to sell customers the best product to fit their needs regardless of price point. One day your manager informs you that you are to recommend Smith Windows to every window customer. Smith Windows are more expensive and don’t really provide superior benefit except in limited circumstances. The manager is insistent that you recommend Smith. Not knowing what else to do, you recommend Smith Windows tocustomers who would have been better served by lower-cost windows.The manager rewards you with a sales award. Later the manager tellsyou that he received an all-expenses-paid cruise for his family fromSmith Windows. What, if anything, should you do with this information?7 ? Which of the following is true of the price equation? ? ?Extra fees are not part of the price equation ?The amount paid by customers is always the same as the quoted price ?Sellers subtract the add-on charges from the list price ?Customers are more inclined to pay additional fees than a higher list price 8 ?What is the difference between a marketing plan and a business plan? ?A marketing plan addresses the financial projections of an organization, whereas a business plan does not A marketing plan contains a description of an organization, whereas a business plan does not contain any description A marketing plan deals with marketing actions, whereas a business plan addresses the entire organization ?A marketing plan contains details on operations, research, and manufacturing, whereas a business plan does not 9 ?What must an organization use to determine its position respective to the competition during the new-product strategy development stage? ?SWOT analysis and environmental…Pricing Q: What are different factors that should be considered by marketers before deciding price of the product? Q: How the total cost is determined/calculated by company for deciding price of the product? Q: What is breakeven point? How is it calculated? Q: How the net profit is calculated? Q: write the following procedures and formulas for calculating price? a. Cost Plus pricing b. Breakeven pricing c. Return on investment pricing d. Value based pricing Q: Write the methods for determining pricing of new products?
- Explain how a brand of a commonly purchased consumer packaged goods, such as toilet tissue, could be skim-priced? A service provider has decided to charge his customers P5, 000 for every upholstery cleaning service. The customer thinks that it is a steal , since the service provider is doing a great job and thinks that it could have costed them at least P7, 000 had they agreed to the first service provider that they went to. The total cost to the provider is P2, 000 which include the cleaning materials and labor. Identify the ceiling price and floor price of the service. Should the service provider decide to increase his price to P6, 500, do you think it is still acceptable to the customer? Why? Give an example of a situation where a price that is low with respect to the product’s VTC would not serve as an incentive to buy. What would be the implications of this for the use of a penetration strategy for pricing his product? RESEARCH: What is a pioneer advantage? Describe…All of these statements about price are true except which? Multiple Choice The price must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product. The price for a product or service must earn a profit for the company. Small changes in price can have big effects on both the number of units sold and company profit. For most products and services, there is an agreed-upon price range set by makers. The price must be “right”—in the sense that customers must be willing to pay it.Product line pricing refers to setting a price for by-products in order to make the main product’s price more competitive. Select one: a. True. b. False.
- Week after week, consumers shop for many of the same groceries. At some point, the product may be priced the same and look the same as before but with less in the package. If consumers are not made aware of the change, is this deception? Is this different from deceptive pricing? Explain.involves introducing a low price for a product or service to encourage consumers to try a new product in order to build sales and product loyalty. This is * O Psychological Pricing Extension Pricing Skimming Pricing O Penetration Pricing Gillette is a famous brand with branches in several countries around the world; it is specialized in producing razors for men and women. Gillette designs its packaging and advertising messages differently according to whom the product will be sold. Therefore, the company devises different ways to sell the razors to men and women. Women's razors are packaged in soft, gentle colors such as pink, whereas the packaging for men's razors are predominated by black, gray. red, and orange. This is an example of Market segmentation based on location Market segmentation based on gender Market Mix Capital goodsIn cost-based pricing, price is 1 point considered along with all other marketing mix variables before the marketing program is set. * O True O False
- What profit-based pricing approach should a manager use if he or she wants to renect the percentage of the firm"s resources used in obtaining the profit?List the general approaches to pricing. Select examples of products that you regularly use. i. Notice the price of each of these items For each item, ii. State the main benefits you are looking for in using the product. iii. Does the price communicate the total benefits sought? iv. Does the product’s price suggest good value? v. Do you think the manufacturer or retailer is overcharging or undercharging consumers for the product?Does "value" mean the same thing as "low price"? How do these concepts differ? Pick two competing brands from a familiar product category (watches, perfume, consume electronics, restaurants) - one low priced and the other high priced. Which, if either, offers the greatest value? Why might the strategy for setting a product's price need to be changed when a product is part of a product mix? What are the five product mix pricing strategies? Provide an example of each. (4 points) Alicia is a self-employed hair stylist who owns her own salon. She has asked you to consult with her on how to generate more revenue. Using the price adjustment strategies discussed in the chapter, advise Alicia on her options to increase sales. Please be detailed in your response with why you are choosing each.