Identify and describe six types of psychological pricing.
What will be an ideal response?
The six types of psychological pricing are odd-number pricing, multiple-unit pricing, reference pricing, bundle pricing, everyday low prices (EDLP), and customary pricing. Odd-number pricing is the setting of prices using odd numbers that are slightly below whole-dollar amounts. Odd-number prices increase sales because consumers register the dollar amount, not the cents. Multiple-unit pricing involves setting a single price for two or more units of a product, especially for frequently-purchased products. This strategy increases sales by encouraging consumers to purchase multiple units when they might otherwise have only purchased one. Reference pricing means pricing a product at a moderate level and positioning it next to a more expensive model or brand in the hope that a customer will use the higher price as a reference point. Bundle pricing is the packaging together of two or more products, usually of a complementary nature, to be sold for a single price that is usually less than the sum of prices of the individual products. When everyday low prices are used, a marketer sets a low price for its products on a consistent basis, rather than setting higher prices and frequently discounting them. In customary pricing, certain goods are priced on the basis of tradition.
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Which of the following statements are NOT true concerning the responsibilities of the Fed?
a. The Fed controls the size of the money supply. b. The Fed provides national check clearing services. c. The Fed directly insures deposits against bank failures. d. The Fed is responsible for supervising/regulating commercial banks. e. The Fed regulates the discount rate.
Samma Company hires Ali Akhbar away from the Freedom Company because he is an engineer who knows the details of a design process that Samma has not been able to discover. All gives Samma the details which he smuggled out of Freedom Co on a disk
Samma uses it to design the product and hurts Freedom's sales. Which of the following is true? A) Samma is guilty of counseling theft. B) Ali is guilty of theft C) Ali is guilty of fraud D) Both A and C E) All of the above
Every sale or lease by a merchant who deals in goods of the kind sold or leased automatically gives rise to an implied warranty of merchantability.
Answer the following statement true (T) or false (F)
A timeline for a strategic plan can be as long as 10 years. However, the timeline for a strategic plan for a company is generally
A. a maximum of one year. B. a minimum of one year. C. one to two years. D. five years. E. seven years.