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Pricing Strategies in Marketing

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Questions and Answers

What may happen if a company prices a product high in comparison to the perceived benefits?

Missed opportunities to sell at a higher volume (correct)

Increased market share

Enhanced customer loyalty

Decreased market share due to competitor loss

What term is used to describe pricing a product high in relation to the expected benefits?

Value proposition

Pricing error (correct)

Market segmentation

Competitive pricing

How can pricing a product too high still be effective in capturing profits?

By reducing production costs

By targeting premium customers exclusively

By offering superior benefits along unmeasured dimensions (correct)

By increasing market share

What is the suggested strategy when products are priced too high for different buyer segments?

Segment the market and create Price to Benefits maps for each segment Signup and view all the answers

For which type of buyer is the Bentley Silver Spur priced too high in the text?

Performance seeking buyer Signup and view all the answers

What is the executive approach recommended for constructing Price to Benefits Maps?

Identify competing products, their features, benefits, and prices Signup and view all the answers

What approach involves plotting products based on mean perceived price and mean perceived benefits?

Consumer Research Approach Signup and view all the answers

Why may a customer place an expected price on a product that does not align with the actual price?

Inflationary times affecting price perceptions Signup and view all the answers

What is a common error when making a Price to Benefits map?

Including multiple market segments as one Signup and view all the answers

Which factor can affect the perception of benefits by customers based on the text?

Risk tolerance and aversion to change Signup and view all the answers

What is a challenge that can arise from promotional discounts and couponing according to the text?

Cross channel cannibalization Signup and view all the answers

What type of goods are mentioned as having poorly perceived benefits prior to purchase?

Experience and credence goods Signup and view all the answers

Pricing Strategies in Marketing

Choose a study mode

Podcast

Questions and Answers

What may happen if a company prices a product high in comparison to the perceived benefits?

What term is used to describe pricing a product high in relation to the expected benefits?

How can pricing a product too high still be effective in capturing profits?

What is the suggested strategy when products are priced too high for different buyer segments?

For which type of buyer is the Bentley Silver Spur priced too high in the text?

What is the executive approach recommended for constructing Price to Benefits Maps?

What approach involves plotting products based on mean perceived price and mean perceived benefits?

Why may a customer place an expected price on a product that does not align with the actual price?

What is a common error when making a Price to Benefits map?

Which factor can affect the perception of benefits by customers based on the text?

What is a challenge that can arise from promotional discounts and couponing according to the text?

What type of goods are mentioned as having poorly perceived benefits prior to purchase?

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