Podcast
Questions and Answers
In pricing strategy, what should be considered when assessing whether a product is expensive or not?
In pricing strategy, what should be considered when assessing whether a product is expensive or not?
- Tradition and rituals around the product
- Ingredients used in the product
- Scarcity of the product
- Reference within a determined competitive set (correct)
What is one of the key elements to justify a higher price according to the text?
What is one of the key elements to justify a higher price according to the text?
- Reducing the product size
- Focus on production process and ingredients (correct)
- Decreasing the quality of the product
- Emphasis on regular promotions
Which factor plays a role in psychological post-rationalization of increased prices?
Which factor plays a role in psychological post-rationalization of increased prices?
- Scarcity of the product (correct)
- Regular availability of the product
- Frequent discounts on the product
- High demand for the product
What should pricing strategies have a good understanding of according to the text?
What should pricing strategies have a good understanding of according to the text?
What is mentioned as a factor to watch out for in pricing according to the text?
What is mentioned as a factor to watch out for in pricing according to the text?
What is a recommended approach to assess whether a product is expensive or not according to the text?
What is a recommended approach to assess whether a product is expensive or not according to the text?
What is the main goal of the premiumization strategy?
What is the main goal of the premiumization strategy?
What does premiumization strategy entail in terms of pricing?
What does premiumization strategy entail in terms of pricing?
In which demand spaces are premium products typically bought above the median price?
In which demand spaces are premium products typically bought above the median price?
How do 80% of products in routine/non-social consumption demand spaces get purchased?
How do 80% of products in routine/non-social consumption demand spaces get purchased?
What is a key factor that influences the choice of premium goods according to the text?
What is a key factor that influences the choice of premium goods according to the text?
How does premiumization strategy impact consumer purchasing behavior?
How does premiumization strategy impact consumer purchasing behavior?
What is the formula to calculate price elasticity?
What is the formula to calculate price elasticity?
In the context of premiumization, what does high price elasticity indicate?
In the context of premiumization, what does high price elasticity indicate?
According to Premiumization Strategy 1, how does price elasticity vary?
According to Premiumization Strategy 1, how does price elasticity vary?
How does impulse and availability affect pricing, according to Premiumization Strategy 1?
How does impulse and availability affect pricing, according to Premiumization Strategy 1?
What does Premiumization Strategy 1 suggest about pricing and the competitive set?
What does Premiumization Strategy 1 suggest about pricing and the competitive set?
Why is it important for brands to 'earn' the right to increase prices according to Premiumization Strategy 1?
Why is it important for brands to 'earn' the right to increase prices according to Premiumization Strategy 1?
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