Exam 14: Pricing Concepts for Establishing Value

According to your text,research has consistently shown that consumers usually rank which of the four Ps as one of the most important factors in their purchase decisions?

Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host.Since she does not know much about wine,she will likely use the price of the wines as

Price is the cash expenditure plus taxes that consumers have to pay for a good or service.

Frank's Heating and Air Conditioning Company specializes in electric heat pumps.Frank keeps track of the price of natural gas,knowing that

Diane owns a bakery where she sells cupcakes.Two blocks down there is another bakery,CC's Bakery,that sells cupcakes for $1 less than Diane.Diane decides to lower her price and match CC's Bakery prices.What type of pricing strategy is Diane implementing?

Gray markets can be a challenge to marketers because

There is an old saying "If you have to ask the price of a yacht,you cannot afford it." Products like yachts are most likely to be associated with

Unlike product,promotion,or place,price is the only part of the marketing mix