MKT 300 Lecture Notes - Lecture 7: Synthetic Oil
10 Mar 2016
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Mkt 300 lec 7 (march 8): pricing. What can price indicate: quality, segmentaion, helps businesses compete, help customers make decisions, can"t compete completely on price, luxury deluxe edition is more attractive! The airport express is priced wrong, for union to pearson, subsitutes are ttc, taxi, limo: plc (product life cycle) Other inluences on pricing: the internet. Growth of online aucions: economic factors. Business models: outlines how enterprise gives value to customers, convinces them to pay, how to best meet their needs, how to make a proit, printers and inks, razors. Make you buy addiional products to uilize it. Value of a product: raw chicken vs fried chicken, dyson vacuums vs bagged vacuums, syntheic oil, paint primer in one, if you can create value for a customer, they will pay more for it. Price elasicity (eod elasicity of demand) o: eod > 1. Price sensiive (elasic), luxury goods: eod < 1.
