Define consumer psychology and pricing and affecting element
Define the consumer psychology and pricing and affecting elements.
Expert
When fixing the price of product, the management must provide significance to consumer psychology. In fact demand of the product is based on the behavior of consumers. Several consumers may buy a product of high quality even if the products are highly priced. Consumers think such that highly priced products are of high quality. When the price of product is less, consumer will believe such that such product is of low quality. When the price is higher, the consumer may boycott the product and they will go for substitute product of lower price. When the price is too low the consumers believe that the goods are of inferior quality. Therefore they will not buy this.
The significant elements that influence the consumer psychology are as: price of the product, advertisement, sales promotion and after sales service, personal income as well as fashions. Therefore consumer are many types, they follow various approaches to firms product. Hence, in case of price determination, the consumer psychology should specified due weightage.
Give a brief introduction of the term Break Even Point. How does BEP aid in making business decision?
The graph for the supply of labor might be backward bending since: (w) the substitution effect surpasses the income effect at specific wages. (x) overtime workers receive pay for time and a half. (y) the substitution effect. (z) the income effect is m
what are the criteria for good forecasting
Automation is the process of: (1) adapting equipment which is safer for workers to operate. (2) kinetic engineering which smoothes flows of work on an assembly line. (3) scientific management of robotic factories. (4) substituting sophisticated machin
Illustrates the term Law of Demand? Answer: The law of Demand is termed as the “first law in market”. It shows the relation in between quantity and price
As per most conventional theories of the labor market, the: (w) supply curve of labor is positively sloped since higher wages attract additional workers in the labor market. (x) firms should contend with increasing returns from additional employment.
Explain Economics verse Managerial economics.
Describes the definition of Managerial economics according to Douglas?
Define the term full cost concept.
What are the reasons for adopting penetration price strategy?
18,76,764
1940937 Asked
3,689
Active Tutors
1425890
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!