What is the ratio of perceived benefits to price?
What is the term for a firm offering a very low price on a product to attract customers to a?
What is price in accounting?
What is resale price maintenance?
What are expectations that specify the role of price in an organization's marketing & strategic plans?
What does "slight increase in price" mean?
What does it mean to set a low initial price on a new product?
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What is the ratio of perceived benefits to price?
the ratio of perceived benefits to price; value = perceived benefits/price; involves judgment by a consumer of the worth & desirability of a product or service relative to substitutes
What is the term for a firm offering a very low price on a product to attract customers to a?
occurs when a firm offers a very low price on a product (the bait ) to attract customers to a store, who are then persuaded to purchase a higher-priced item (the switch) using a variety of tricks
What is price in accounting?
the money or other considerations (including other products & services) exchanged for the ownership or use of a product or service; price = list price - incentives & allowances + extra fees
What is resale price maintenance?
involves controlling agreements between two independent buyers & sellers whereby sellers are required to not sell products below a minimum retail price; a.k.a. resale price maintenance
What are expectations that specify the role of price in an organization's marketing & strategic plans?
expectations that specify the role of price in an organization's marketing & strategic plans; profit, sales, market share, unit volume, survival, & social responsibility
What does "slight increase in price" mean?
a product in which a slight increase or decrease in price will not significantly affect the demand, or units sold, for the product
What does it mean to set a low initial price on a new product?
setting a low initial price on a new product to appeal immediately to the mass market
What is value of an offer relative to a competitor like Komatsu?
value of an offer, relative to a competitor like Komatsu, is to increase the total customer benefit
Why do all companies do business again?
A) all will do business with the company again because they are unwilling to dedicate the effort
Does speed of resolution affect repeat business?
D) the speed of resolution has no impact on the likelihood of repeat business
What Is Perceived Value?
In marketing terminology, perceived value is the customers' evaluation of the merits of a product or service, and its ability to meet their needs and expectations, especially in comparison with its peers.
What is the purpose of marketing a product?
The marketing of a product or service involves attempting to influence and increase its perceived value, which can emphasize qualities such as its aesthetic design, accessibility, or convenience.
What is the perceived value of a Rolex watch?
The perceived value of a Rolex watch is not based on its functionality but with its image as a mark of personal success and refined taste. At the opposite end of the scale, some brands are marketed as smart bargains. The perceived value of a product may be its low price in comparison with competitors of equal quality.
What is possession utility?
Possession utility refers to the ease of purchasing the product. A department store that features online ordering, home delivery, or in-store pickup is aiming for possession utility.
What is the job of a marketing professional?
The work of the marketing professional is to enhance the perceived value of the brand they are selling.
What is the ratio of perceived benefits to price?
the ratio of perceived benefits to price; value = perceived benefits/price; involves judgment by a consumer of the worth & desirability of a product or service relative to substitutes
What is the term for a firm offering a very low price on a product to attract customers to a?
occurs when a firm offers a very low price on a product (the bait ) to attract customers to a store, who are then persuaded to purchase a higher-priced item (the switch) using a variety of tricks
What is price in accounting?
the money or other considerations (including other products & services) exchanged for the ownership or use of a product or service; price = list price - incentives & allowances + extra fees
What is resale price maintenance?
involves controlling agreements between two independent buyers & sellers whereby sellers are required to not sell products below a minimum retail price; a.k.a. resale price maintenance
What are expectations that specify the role of price in an organization's marketing & strategic plans?
expectations that specify the role of price in an organization's marketing & strategic plans; profit, sales, market share, unit volume, survival, & social responsibility
What does "slight increase in price" mean?
a product in which a slight increase or decrease in price will not significantly affect the demand, or units sold, for the product
What does it mean to set a low initial price on a new product?
setting a low initial price on a new product to appeal immediately to the mass market
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