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Two-part Case on Pricing and Marketing

1.Discuss how value consciousness, price consciousness, and prestige sensitivity influence the buying decision process fo A. buying buying a new house, B.weekly groceries for a family of five.

2. Professional pricing is used by people who have great skill in a particular field, such as doctors. lawyers, and business consultants. find examples (advertisement, personal contacts) that reflect a professional pricing policy. how is the price established? Are there any restrictions on the services performed at that price?

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1. Value consciousness is the practice of consumers weighing the benefits of a purchase; typically unrelated to price. This may be purchasing a certain brand of tablet over another, regardless of price, simply due to the features of the more expensive model that provide what the customer needs in functionality. Price consciousnes occurs when consumers weigh what they are getting against cost paid. An example is with buying a relative "static" item; ...

Solution Summary

Two-part case discussing value and price consciousness, along with how prestige sensitivity all influence the buying decision process. Examples presented include the purchase of a new home and weekly groceries. The second question looks at pricing policy for services performed; the example used are doctors' fees. This discussion is about 300 words long.