Factors involvedinpriceplanning2
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The document discusses factors that affect price planning, including costs, break-even points, supply and demand, competition, and government regulations. It explains how demand elasticity varies based on brand loyalty, availability of substitutes, price relative to income, necessity vs luxury, and urgency of purchase. It also outlines some government regulations on pricing, including laws against price fixing, price discrimination, and bait-and-switch advertising.
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Supply and Demand GuideTo solve the homework problems do the f.docx
Supply and Demand Guide
To solve the homework problems do the following:
1. Identify the determinant change
2. Shift the appropriate curve in the correct direction
3. Change price appropriately
4. Move along the other curve (the one that did not shift) in response to the price change.
The following information will tell you the determinants and how the change, as well as definitions of the key terms.
Demand
Demand: The amount that consumers are willing and able to purchase at various prices.
Law of Demand: Price and Quantity Demanded vary inversely.
Quantity Demanded: The amount that consumers are willing and able to buy at a particular price.
Change in Quantity Demanded: Changes in price change the quantity demanded. This is a Movement Along a Demand Curve in Response to a Price Change.
Change in Demand: This is a shift in the position of the demand curve, either upward or downward. If the curve shifts upward, consumers are saying they will pay more for all quantities of the good or service. If it shifts downward, consumers are saying they will pay less for all quantities of the good or service.
Determinants of Demand: The Demand Curve will shift only when one (or more) of the Determinants of Demand changes. These determinants are:
1. Size of Market: the number of consumers in the market for the good or service. If this factor increases, the curve shifts upward (increase in demand). If this decreases, the curve shifts downward (decrease in demand).
2. Consumer Tastes and Preferences: if these shift in favor of a product, the demand curve shifts upward (demand increases); if these shift against a product, the demand curve shifts downward (demand decreases).
3. Consumer Income: as the income of consumers increase, consumers purchase more of all normal goods (assume all the goods in the homework are normal goods), this shifts the demand curve upward (demand increases); if income decreases, then consumers buy less of all normal goods, this shifts the demand curve downward (demand decreases).
4. Prices of Related Goods:
a. Complimentary Goods: These are goods that are used to together like peanut butter and jelly. If the price of peanut butter goes up, the Quantity Demanded of peanut butter will decrease (a movement along a demand curve in response to a price change). However, the Demand for jelly will decline (decrease in demand) as fewer people buy it to go with the peanut butter, since they are buying less peanut butter.
b. Substitute Goods: These are goods that are used in place of each other. If the price of Coke Cola goes up, the Quantity Demanded of Coke does down (a movement along the demand curve). But the Demand for Pepsi – the substitute good – goes up as people substitute the lower priced Pepsi for the higher priced Coke (the Pepsi demand curve shifts upward).
5. Expectations about the Future: If people have a positive view of the future they will consumer more and save less. This shifts th ...
MARKETING-CH8
There are several factors that companies consider when setting prices for their products and services. These include internal factors like costs, marketing objectives, and external factors like competition and demand. Dynamic pricing allows sellers to change prices depending on individual customers and market conditions using approaches like cost-plus, value-based, competition-based, and product line pricing. Companies also use promotional pricing strategies like discounts, allowances, and segmented pricing to attract customers.
Pricing
Pricing is determined by balancing internal and external factors. Internally, prices must exceed costs and meet marketing objectives like profits or market share. Costs include fixed costs like advertising and variable costs per unit. Externally, demand elasticity, customer expectations, competitor prices, and government regulations all influence pricing. The goal is to set a price that generates sufficient revenue while attracting customer demand.
The Pricing Strategy // First Overview //
The document discusses factors that affect price strategy, including costs, supply and demand, competition, and technological trends. It describes different pricing approaches like cost-based pricing, demand-based pricing, and competition-based pricing. It also covers psychological pricing techniques, calculating markups and discounts, and considerations for updating price strategy.
Elasticity ^0 It's Managerial Implications.pptx
Elasticity refers to the responsiveness of demand or supply to price changes. There are several types of elasticity that are important for businesses:
1. Price elasticity of demand measures how demand responds to price changes and helps businesses set optimal prices. Demand is more elastic for substitute goods like airlines and less elastic for necessities like gasoline.
2. Price elasticity of supply measures how supply responds to price changes. A more elastic supply is better for businesses as it allows flexibility to meet demand fluctuations.
3. Income elasticity of demand measures how demand changes with consumer income. Demand for luxury goods increases more than normal goods with rising income.
4. Cross elasticity measures how
Demand
This document discusses key concepts related to demand in microeconomics, including:
1. Demand refers to the desire and willingness to pay for a product. It is influenced by factors like income, tastes, substitutes, expectations, and number of consumers.
2. The law of demand states that as price increases, quantity demanded decreases, and vice versa. This inverse relationship is shown on a demand curve or schedule.
3. Elasticity of demand measures how responsive quantity demanded is to changes in price. Demand is more elastic if close substitutes exist or a product is a luxury versus necessity.
Lesson 6--demand[1]
Here are some examples of goods with different demand elasticities:
- Insulin (inelastic): People need it to live, so they will still buy it even if the price increases significantly.
- Sodas (elastic): People can more easily substitute with other drinks or water if the price increases, so even a small price change would significantly impact the quantity bought.
Let me know if you need any clarification or have additional questions!
Pricing Strategies
Companies must consider laws governing fair pricing practices when setting prices. These laws address issues like price fixing, predatory pricing, and unfair discrimination within and across distribution channels. Price fixing involves competitors agreeing on prices, while predatory pricing undercuts rivals. Unfair discrimination occurs when sellers charge different prices to similar customers. Laws also regulate requiring retail prices and deceptive advertising of price savings.
Basic of Supply and Demand - Economic
This document provides an introduction to supply, demand, and market equilibrium through a PowerPoint presentation. It defines demand and supply, shows how demand and supply schedules can be represented graphically with demand and supply curves, and explains how the curves can shift due to various factors. It also introduces the concept of market equilibrium where quantity demanded equals quantity supplied, resulting in a market clearing price.
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Concept Of Microeconomic Helps In Pricing The Product
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