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7 Cards in this Set

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  • Back

identify 3 major pricing strategies

what is the importance of understanding customer value perceptions, company costs, and competitor strategies?

- customer perceptions of value = price ceiling; no demand above this price

- company costs = knows how much to sell the price in terms of B/E

-product costs = cannot be lower; no profits below this price point

what are the external and internal factors affecting firm's pricing decisions?

external: marketing channels, competition,

internal: resources, brand positioning (i.e.: will-full pricing)

what are the major strategies for pricing new products?

1. customer value-based pricing: uses buyer's perception of value

2. cost-based pricing: quality at a given price (ex:
WestJet or Ryanair sells everything besides the seat; Wal-Mart)

3. competition-based pricing

explain how companies adjust their prices to take into account different types of customers and situations?

discuss key issues related to initiating and responding to price changes

list and briefly describe the major legislation in Canada that affect marketers' pricing decisions