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Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
Explain price elasticity and its determinants.
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Solved in 2 steps
- Deceptive or Illegal Pricing Firms use many different pricing tactics to try to improve their market share. Some are perfectly legitimate and can be considered fair pricing practices, whereas others are deceptive or even illegal. For this activity you will need to review the types of practices associated with illegal and unethical pricing strategies. Prices tend to fluctuate naturally and respond to varying market conditions. Although we rarely see firms attempting to control the market in terms of product quality or advertising, they often engage in pricing practices that can unfairly reduce competition or harm consumers directly through fraud and deception. A host of laws and regulations at both the federal and state levels attempt to prevent unfair pricing practices, but some are poorly enforced, and others are difficult to prove. Roll over each item and read the description to determine which type of illegal or unethical price strategy is being used. Then drag the item to the…What is price elasticity? Why is it important for marketers to consider price elasticity when making pricing decisions?what is dynamic pricing and what are its potential benefits ? explain