Describe pricing strategy with regards to consumer wants
Not what you're looking for?
You are an executive for a large multinational corporation and are meeting with other managers (your classmates) to discuss the following topic: Is the right price a fair price?
Prices are often set to satisfy demand or to reflect the premium that consumers are willing to pay for a product or service. Some critics shudder, however, at the thought of $2 bottles of water, $150 running shoes, and $500 concert tickets.
Take a position:
Prices should reflect the value that consumers are willing to pay.
vs.
Prices should primarily just reflect the cost involved in making a product or service.
Purchase this Solution
Solution Summary
This posting will investigate pricing strategies and look at prices in the market.
Solution Preview
Prices should reflect the value that consumers are willing to pay.
In the market, there are many different options available to consumers - from low end products to high end designer one.
If you walk into a grocery store, you can see an entire row of water bottles. Some are marked with store brands, while others are designers ones (i.e. - No name vs. Evian). This is normal and much expected since there are different types of consumers. Some consumers want the cheapest price - and they will buy the NO ...
Purchase this Solution
Free BrainMass Quizzes
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Operations Management
This quiz tests a student's knowledge about Operations Management
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.