BUS2 130 Lecture Notes - Lecture 9: Price Fixing, Marketing Mix, Monopolistic Competition
Document Summary
Price is the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service. Prices fall between the ends of the price spectrum. The model is an example of defining the range of possible prices in a rationally functioning market. Offering the right combination of quality and good service at a fair price. Differentiate products by adding features to make product attractive. Price needs to be considered along with the other marketing mix variables before the marketing program and design is set. When a small number(4?) of companies own more than 50 or 60% of the shares. Price elasticity the change in demand with the change in price, it can be: When price is changed and the d doesn"t change. Ex. if you have a heart attack you don"t care how much it costs.
