Week 5

Perceived value of a product is directly related to its perceived quality and inversely related to its price.
Assuming that we keep the perceived quality constant, explain what would happen to the perceived value of the product if we increase its price.
Explain what will happen if we decrease its price.
Conversely, if we keep the price constant, explain what will happen to the product’s perceived value if we increase its perceived quality.
Explain what will happen if we decrease its perceived quality.
As a part of the campaign for a new gourmet foods store, advertisement flyers will be sent through direct mail to high-income zip codes to solicit business from household heads. The mailers will contain information about the variety of products and services offered by the new store. Write the key marketing messages for an advertisement flyer positioning the store as a place where consumers interact with others interested in quality foods for everyday use and entertainment. In addition, select a method to measure the effectiveness of the mailer. Make reasonable assumptions.
Using your selected method, how will you measure the effectiveness of the advertisement flyer?
Why do you think your method is appropriate in the given situation? Provide detailed justification for your choice.
A free-market national economy is experiencing a recession with no apparent end in sight. Determine what two pricing objectives you would recommend for producers of goods and services in the country. Explain why you would recommend these two pricing objectives.
Explain the way pricing strategy changes over the course of the four stages of the product (category) life cycle: introduction, growth, maturity, and decline. Provide reasoning to support your answer.
Identify three internal and three external factors influencing the setting of prices. Discuss how each of these factors influences the price of a service.

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