Management and Organizational Studies 2320A/B Study Guide - Final Guide: Premium Pricing, Marketing, Demand Curve

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Chapter 11- pricing concepts and strategies: establishing value. A strategic opportunity to create value (strategic opportunity to create value) Pricing signals quality or a lack of quality (judge quality of product) Price is usually ranked as one of the most important factors in purchase decisions. Price is the only element in the marketing mix that generates revenue (strategic opportunity to create value) The key to successful pricing is to match the product or service with the consumer"s _______________. The five c"s of pricing income level value perceptions shopping habits brand consciousness: company objectives, customers, costs, competition, channel members. Each firm then embraces an objective that seems to fit with where management thinks the firm needs to go to be successful, in whatever way they define success. These specific objectives usually reflect how the firm intends to grow. Objectives are not always mutually exclusive, because a firm may embrace two or more noncompeting objectives.