1. what you would charge for each product why.\n2. which pricing strategy they are using and why?\n3. what…

1. what you would charge for each product why.\n2. which pricing strategy they are using and why?\n3. what is price? why is it important in marketing?\n4. list one pricing strategy you learned today and give an example of a product that might use it.

1. what you would charge for each product why.\n2. which pricing strategy they are using and why?\n3. what is price? why is it important in marketing?\n4. list one pricing strategy you learned today and give an example of a product that might use it.

Answer

Brief Explanations:

  1. Product - specific costs, market demand, competition, and value - perception by customers influence the price. For example, luxury brands price high to maintain exclusivity.
  2. Pricing strategies include cost - plus, value - based, competitive, etc. A company might use cost - plus to ensure profit margins by adding a markup to costs.
  3. Price is the amount customers pay for a product or service. In marketing, it affects profitability, market share, and customer perception of value.
  4. Penetration pricing is setting a low initial price to gain market share. For example, a new mobile app might use this to attract users.

Answer:

  1. Prices are set considering costs, demand, competition, and value - perception.
  2. Pricing strategies vary based on business goals; cost - plus is used for guaranteed profit.
  3. Price is the amount customers pay; it's crucial in marketing for profitability and perception.
  4. Penetration pricing; new mobile apps can use it.