MARK 3000 Exam 3 McManus Questions and Answers Graded 2024
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Course
MRKT 3000
Institution
MRKT 3000
overall sacrifice a consumer is willing to make to acquire a specific product or service - price
importance of price (seller) - price is revenue
importance of price (consumer) - price is cost of something
price allocates - resources in a free-market economy
5 C's of Pricing used to set ...
MARK 3000 Exam 3 McManus Questions
and Answers Graded 2024
overall sacrifice a consumer is willing to make to acquire a specific product or service -
price
importance of price (seller) - price is revenue
importance of price (consumer) - price is cost of something
price allocates - resources in a free-market economy
5 C's of Pricing used to set price - 1. Company
2. Customers
3. Costs
4. Competition
5. Channel members (wholesale/resale)
demand curves - -assumes no change in factors influencing elasticity
-shows quantity demanded at various price points
-not all are downward sloping
-prestigious products or services have upward sloping curves
new product pricing strategies for manufacturers - -market penetration pricing (start
price low to get into market)
-price skimming (start price high) iPhoneX
one firm controls market - monopoly
MARK 3000 Exam 3 McManus
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