Quotable
Conspicuous mediocrity
Luxury goods
originated as a way for the wealthy to both show off their resources
and possess a scarce, coveted item of better functionality.
Over time, as luxury goods have become more competitive (it's a profitable niche if you can find it) a variation is becoming more common: goods and services that aren't better (in fact, in some cases, not even that good). At some level, they're proud of this inferiority.
The thinking is, "If you have to ask if it's any good, you can't afford it."
And so we have cars, hotels and restaurants that are far more expensive and dramatically inferior to what a smart shopper could have chosen instead. What's for sale isn't performance or reliability. Merely exclusivity.
They offer the customer the satisfaction of looking around the room and saying, "yep, I'm here."
But it's a risky strategy, because sooner or later the frequent breakdowns, the lousy service or the poor design communicate to the well-heeled customer, "this merely makes me look stupid."
No one likes looking stupid.
Over time, as luxury goods have become more competitive (it's a profitable niche if you can find it) a variation is becoming more common: goods and services that aren't better (in fact, in some cases, not even that good). At some level, they're proud of this inferiority.
The thinking is, "If you have to ask if it's any good, you can't afford it."
And so we have cars, hotels and restaurants that are far more expensive and dramatically inferior to what a smart shopper could have chosen instead. What's for sale isn't performance or reliability. Merely exclusivity.
They offer the customer the satisfaction of looking around the room and saying, "yep, I'm here."
But it's a risky strategy, because sooner or later the frequent breakdowns, the lousy service or the poor design communicate to the well-heeled customer, "this merely makes me look stupid."
No one likes looking stupid.
Thank you Copley!!!!!!
Random Question of the Day
Word of the Day
SAT QOTD (Begin in 2012)
Kaplan's Version QOTD
Marketing I
Random Question of the Day
Word of the Day
SAT QOTD (Begin in 2012)
Kaplan's Version QOTD
Marketing I
3.07 Vocab (Friday!!!!!)
3.07 Alpha
3.07 Scatter
3.07 Matching
Teon - Quizlet
Powell 3.06
Powell 3.06
Obj 5 - Chap 18 - Setting the Right Price -Tuesday (13-23)
3.06 Pricing PPT - Wednesday
3.06 Technology in Pricing WS [5-89] Wednesday
3.06 Technology in Pricing WS Key [5-89] - Wednesday
3.06 LAP Make Cents! Mon/Wed
[5-91]
a. Define the following terms: bait-and-switch advertising, deceptive pricing, dumping, loss-leader pricing, predatory pricing, price discrimination, and price fixing.
b. Describe laws affecting pricing.
c. Explain positive effects of pricing laws.
d. Discuss negative effects of pricing laws.
e. Explain the impact of anti-dumping laws on consumers.
[5-93]
a. Define the term selling price.
b. Distinguish between price and selling price.
c. Describe the importance of selling price.
d. Identify factors affecting selling price.
e. Explain how consumers can affect selling price.
f. Describe how government affects selling price.
g. Discuss how competition can affect selling price.
h. Explain how the nature of a business can affect selling price.
i. Identify pricing objectives.
j. Explain how pricing objectives affect selling price.
Software to Help You Set Prices
Price of Happiness
Skip 1:03-1:40
Pricing is a Process
Pricing Violations - Whole Foods
Men v Women
Loss Leader
Bait and Switch
What is Price Discrimination?
Pricing Decisions
(Long but good - 5 slides)
Anti Dumping Laws
Predatory Pricing
Price Fixing / Collusion
Price Fixing - North Carolina - Milk
3.06 LAP Price is Right
3.06 Price is Right Questions
https://www.quia.com/rr/1000833.html?AP_rand=90647969
SPORTS AND ENTERTAINMENT MARKETING I
LAP - Tipping Point
Break Even Help
Break Even Help #2
http://bizfinance.about.com/od/pricingyourproduct/a/Breakeven_Point.htm
Please recreate the Carowinds trip, noting break even points
For the info.
Bus cost per mile:$1.89 @ 7 miles to the gallon
Driver costs per hour: $15.00
- Identify strategies for pricing new products.
- Select product-mix pricing strategies.
- Determine discounts and allowances that can be used to adjust base prices.
- Adjust base prices using psychological pricing techniques.
- Select promotional pricing strategies.
- Select geographic pricing strategies to adjust base prices.
- Identify segmented pricing strategies.
- Demonstrate procedures for selecting appropriate pricing strategies for products.
3.03C PPT Pricing New Products [5-90] Tuesday
Consider Other Pricing Strategies
Slideshow - Developing an effective pricing strategy for a troubled
economy
Price Skimming
Factors to consider when setting price
Given sport/event product/pricing situations by your instructor, determine which pricing strategy would be most appropriate for each situation. Discuss your responses with the class.
Select pricing strategies for a sport/event product, and write a rationale for your choices. Discuss your pricing strategies with a classmate.
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