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natulia [17]
3 years ago
11

. Discuss and Implement the Price Adjustment Strategies in current market. Apply each strategy with 3 examples along with pictur

e. (10 Marks) (200 Words)
Business
1 answer:
avanturin [10]3 years ago
8 0

Answer:

There are many different price adjustment strategies which can be implemented in the current market.

Explanation:

Psychological pricing:

Psychological pricing is a strategy in which the price of a product is displayed with mostly one cent difference so the whole number shown is less by $1 and this difference can get higher if the price of the product is more.

Example 1: The price for a toy in a toy shop is $4.99, if rounded this will be $5 but the whole number visible is $4.

Example 2: The price of a laptop is $193, this again is nearly $200 but the price is reduced by $7 in order to influence their customers into buying the product.

Example 3: The price of a car is $35,995, this again is about $36,000 but the buyer may be influenced by this technique and result in purchasing the product with such price.

Geographical Pricing:

Geographical pricing is a strategy where different prices are charged in different outlets, this strategy is made keeping in mind the purchasing power of the locality, if the local people can pay higher price for a product then the price is high there but same product may have a lower price in an area where people can not pay high price.

Example 1: Price of a T-shirt is $15 in a posh area while the price of the same T-shirt is $5 in an area with poor locality.

Example 2: Price of a hair brush is $10 in a poor area while the same brush is available in a posh area at a rate of $35.

Example 3: Price for a food item is $6 in a restaurant in posh area while the same burger is available for $3 in a restaurant in a poor area.

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Explanation:

Based on the information given, the cash flow on total assets ratio will be calculated as:

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Akwamba made this statement ‘organisations cannot be successful if managers fail to pay attention to the forces in the external
WARRIOR [948]

Answer:

Yes, I agree.

Find explanation below.

Explanation:

The external environment of a business simply refers to the factors found outside the business which can have a profound effect on it. There are basically two types of external environments, namely;

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2. Indirectly interactive whose impact on the business is not immediate. Examples include, the political , socio-cultural, economic influences among others.

Practical Examples:

1. Customers play a crucial role to the running of businesses. Managers must take care to listen to the concerns of the customers and attend to their needs urgently. For example, if a customer complains about his dissatisfaction with a style of service, managers should endeavor to address the concern to avoid losing the customer.

2.Political: Government rules and regulations have an impact on businesses because, not adhering to them could lead to sanctions and even closure of the business. Managers must ensure that they heed to and comply with governmental instructions, such as tax payment.

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Answer:

C. technological advances are the result of discoveries and choices.

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The new growth theory states that technological advances are the result of discoveries and choices, rather than random choices. It explains the fact that new innovations and technological advancement are not the result of random chance, but they occur as a result of humans and their desire for new innovations.

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Considering adding additional assemblers to meet pent up demand.

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