Chapter 9
_______ of the product's value set the ceiling on pricing, while _______ set the floor
Customer perceptions; costs
Value-based pricing begins with analyzing
consumer needs and value perceptions
The three major pricing strategies are
customer value-based pricing, cost-based pricing, and competition-based pricing
In setting its overall pricing strategy, companies need to consider three factors: ______, ______, and ______
Customer perceived value, costs, and competitors' pricing strategies
Marketers must consider external considerations in establishing pricing. Which of the following represents those external considerations?
The nature of the market and demand and other environmental factors
Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company charges?
costs
Marketers use three major pricing strategies:
customer value-based pricing, cost-based pricing, and competition-based pricing
A company's pricing strategy is affected by internal factors such as ___________________.
overall marketing strategy, objectives, and marketing mix, as well as organizational considerations. Price is only one element of the company's broader marketing strategy.
External factors when considering pricing include ________________________________ such as the economy, reseller needs, and government actions
the nature of the market and demand and environmental factors
Other internal factors that influence pricing decisions include
the company's overall marketing strategy, objectives, and marketing mix, as well as organizational considerations
Beyond the market and the economy, what other factors in its external environment must a company consider when setting prices?
Resellers, the government, and social concerns