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Fundamentals of Marketing Chapter 7: Pricing and Value Creation Discussion

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Questions and Answers

What is the deadline for the assignment submission?

No specific deadline mentioned

After 5pm via Toledo

Before 5pm via Toledo (correct)

Before 5pm via email

When will the next assignment be due?

The next assignment date is not specified

One week after the lecture of Week 7

Three weeks after the lecture of Week 7

Two weeks after the lecture of Week 7 (correct)

Which chapter in the book covers the topic of 'Pricing and Value Creation'?

Chapter 6

Chapter 8

Chapter 9

Chapter 7 (correct)

What is NOT an approach to pricing mentioned in the learning outcomes?

Market-oriented approach Signup and view all the answers

How should new offerings be priced according to the text?

Based on value and cost Signup and view all the answers

What is the definition of price elasticity of demand?

How the quantity of an offering relates to the price at which it is offered Signup and view all the answers

What does unit price elasticity of demand (ŋ =-1) indicate?

A 10% increase in price produces a 10% decrease in quantity demanded Signup and view all the answers

Infinite price elasticity of demand (ŋ=∞) is associated with which type of products?

Luxury products such as jewels, gold, and high-end cars Signup and view all the answers

What does a 1% improvement in price achieve according to the study mentioned?

8.7% improvement in operating profit Signup and view all the answers

Which pricing strategy focuses on pricing an offering to indicate its distinctiveness in the marketplace?

Premium pricing Signup and view all the answers