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.
Firms may make use of low prices to enter a market and gain market share therefore is can learn the intricacies of a particular product line or business. It is an illustration of: (1) limit pricing. (2) accommodation. (3) learning-by-
What is Demand Forecasting?
Explain the Economies of Scale.
Hello, Would you please find a small case study in managerial economics. please I don't want the typical solution because the prof have it. thanks
Define the pricing of a new product.
Illustrates the different kinds of Demand?
An investment in human capital is most obviously illustrated while: (1) Biff Biceps lifts weights before going to the beach to surf. (2) Cary Coffee drinks four cups of latte before going to work. (3) Pollyanna reads Harlequin Romance novels within he
States the Welfare Definition in economics?
What is Diminishing Returns to Scale?
A cartel is: (a) an oligopoly model which relies on interdependence. (b) an organization of oligopolist firms behaving like a monopoly. (c) an organization of firms that jointly make decisions. (d) All of the above. Discover Q & A Leading Solution Library Avail More Than 1412785 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1946981 Asked 3,689 Active Tutors 1412785 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
18,76,764
1946981 Asked
3,689
Active Tutors
1412785
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!