What are the main reasons that companies pay attention to pricing?

What are the main reasons that companies pay attention to pricing? • Due to the revenue equation, Revenue = Price × Quantity Sold. There are 2 ways...

What is transfer pricing?

What is transfer pricing? Transfer pricing occurs when one unit in an organization sells products to another unit. Transfer prices are used when individual...

What do we mean by prestige pricing?

What do we mean by prestige pricing? This strategy sets prices at the top end of all competing products in a category. This is done to promote an...

What do we mean by repositioning strategy?

What do we mean by repositioning strategy?  This strategy involves targeting existing products at new markets or segments. This process can involve...

What is the connection of social responsibility and marketing performance?

What is the connection of social responsibility and marketing performance? • This causes employees to become more motivated to serve customers, more...

Why is the connection of marketing ethics and leadership so important?

Why is the connection of marketing ethics and leadership so important? An ethical climate calls for organizational members to incorporate the interests...

What are some of the key considerations in developing a code of conduct?

What are some of the key considerations in developing a code of conduct? 1. Examine high-risk areas and issues. 2. State values and conduct necessary...

What is the role of a code of conduct for a company?

What is the role of a code of conduct for a company?  1. Trustworthiness 2. Respect 3. Responsibility 4. Fairness 5. Caring 6. Citizenship Is...

Deceptive practices in marketing are ?

Deceptive practices in marketing are ? Price fixing, group boycotts, and exclusionary exclusive dealing contracts or trade association rules. 1....

What is the role of the top management in creating an ethical environment in a company?

What is the role of the top management in creating an ethical environment in a company? 1. Create a common goal or vision for the company. 2. Obtain...

What do we mean by "enlightened self-interest"?

What do we mean by "enlightened self-interest"? A philosophy in ethics which states that persons who act to further the interests of others (or the...

What is the relationship of marketing ethics and strategy?

What is the relationship of marketing ethics and strategy? 1. Marketing Ethics includes the principles and standards that guide the behavior of individuals...

What is Sustainability ?

What is Sustainability ? Assessment and improvement of business strategies, economic sectors, work practices, technologies, and lifestyles - all while...

Stages of Product Life Cycle:

Stages of Product Life Cycle: 1. Development Stage: A time of no sales revenue, negative cash flow, and high risk. 2. Introduction Stage: A time...

What do we mean by repositioning?

What do we mean by repositioning? When a company changes a brand's status in the marketplace. This typically includes changes to the marketing mix,...

What do we mean by market positioning?

What do we mean by market positioning? The process of establishing the image or identity of a brand or product so that consumers perceive it in a...

What is branding strategy?

What is branding strategy? Selection the right combination of name, symbol, term, or design that identifies a specific product or firm. Brand Recognition is...

What are some of the advantages and disadvantages of loyalty programs?

What are some of the advantages and disadvantages of loyalty programs? Rewards loyal customers who engage in repeat purchases. These programs are...

What are some of the advantages and disadvantages of samples?

What are some of the advantages and disadvantages of samples? Samples stimulate trial of a product, increase volume in the early stages of the product's...

What are some of the advantages and disadvantages of rebates?

What are some of the advantages and disadvantages of rebates? Like coupons except they require more efforts on the consumer's part to obtain the price...

What are some of the advantages and disadvantages of coupons?

What are some of the advantages and disadvantages of coupons? Reduce the price of a product & encourage customers to try new or established brands. Customers...

What do we mean by recruiting and training salespeople?

What do we mean by recruiting and training salespeople? Recruiting the types of salespeople should be closely tied to the personal selling and IMC...

What do we mean by determining sales force size?

What do we mean by determining sales force size? Is a function of many variables including the types of salespeople used, specific sales objectives,...

What do we mean by developing sales force objectives?

What do we mean by developing sales force objectives? Involves desired sales dollars, sales volume, or market share. These sales objectives can be...

What do we mean by sales management?

What do we mean by sales management? The development of sales force objectives, determining the size of the sales force, recruiting and training salespeople,...

What are the different types of publicity that a company may use?

What are the different types of publicity that a company may use? 1. News Releases 2. Feature Articles 3. White Papers 4. Press Conferences 5. Event...

What are some of the marketing functions performed by distributors?

What are some of the marketing functions performed by distributors? Sorting breaking bulk maintaining inventories  maintaining convenient locations  provide...

What are some situations that decrease price sensitivity?

What are some situations that decrease price sensitivity? • When substitute products are not available. • When customers perceive products as being...

What do we mean by inelastic demand?

What do we mean by inelastic demand? A situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise...

What do we mean by price elasticity?

What do we mean by price elasticity? Refers to customers' responsiveness or sensitivity to changes in price. Circumstances may cause someone to look...

What is the relationship between price and revenue?

What is the relationship between price and revenue? Revenue = price x quantity sold This is based on two general pricing myths: 1. When business...

Sellers have increased power when?

Sellers have increased power when? Certain products are in short supply or in high deman...

Buyers also have power when the ?

Buyers also have power when the ? Economy is weak and few customers are unwilling to part with their money. During a seller's market, prices will...

Buyers have increased power over sellers when ?

Buyers have increased power over sellers when ? There are many sellers in the market or when there are many substitutes for the product. Buyers also...

Why is pricing so important to companies?

Why is pricing so important to companies? 1. Due to the revenue equation, Revenue = Price × Quantity Sold. There are 2 ways for a firm to grow revenue:...

What do we mean by Product Line Extensions?

What do we mean by Product Line Extensions? These products supplement an existing product line with new styles, models, features, or flavor...

What do we mean by New Product Lines?

What do we mean by New Product Lines? Products represent new offerings by the firm, but the firm introduces them into established markets. New products...

Simultaneous Production and Consumption meaning what?

Simultaneous Production and Consumption meaning what? Customers or their possessions must be present during service delivery; Services are often difficult...

Intangibility meaning what?

Intangibility meaning what? It is difficult for customers to evaluate quality, especially before purchase and consumption; Customers cannot take possession...

What is a product?

What is a product? Something that buyers can acquire via exchange to satisfy a want or a need. Consumer Product: Is any tangible product for...