Marketing – Price concepts for establishing value Academic Essay

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  1. What does an everyday low pricing strategy say to consumers?
  2. Margaret has been invited to a fancy dinner party and wants to bring a nice box of chocolates as a gift for the host. Since she does not know much about fine chocolate, she will likely use the price of the chocolates as __________. (1)
  3. an indicator of quality. B. a reflection of status quo pricing. C. an indicator of the variety.
D. a measure of scarcity.
E. a measure of the income effect.
  4. How is consumer behavior affected by the “income effect”? (1) (income effect refers to the change in the quantity of a product demanded by consumers due to a chance in income)
  1. Think of a recent purchase you made. Was price the deciding factor on whether you purchased it or not? Base you answer on at least one pricing strategy from the chapter. (2)

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