reaction paper of rich dad poor dad
Assignment in marketing
Submitted by: Daproza, Star Pearl Angeline M.
Submitted to: Prof. Cabrales
Course & Section: BSBA MM 1-2
QUESTIONS FOR REVIEW AND DISCUSSION
1. What does “price” mean?
Price is the money, good, or service exchanged for the ownership or use of a good or service.
2. What are the objectives of pricing?
Before setting prices, the firm’s pricing objectives must first be determined. Pricing objectives may be consist of any of the following:
1. Profit-oriented objectives;
2. Sales-oriented objectives; or
3. Status quo-oriented objectives.
3. What is the pricing procedure? What does it consist?
The pricing procedure refers to the series of steps adapted in the determination of price. The series of steps are the following:
1. The determination of the realistic range of choice;
2. The selection of pricing strategy;
3. The evaluation of economic feasibility; and
4. The setting of the price.
4. What must be considered first before setting the price?
You must considered first the evaluating the economic feasibility before setting the price.
5. What are the various approaches to pricing?
Prices of products and services may be set based on any of the various pricing approaches. They are the following:
1. Cost based approach
2. Buyer based approach, and
3. Competition based approach.
6. What is the purpose of “target rate of return pricing”?
Target rate of return pricing is approach that enables a company to establish the level of profits that it feels will yield a satisfactory return.
7. What is “odd-numbered pricing”? What are the reasons behind this method?
Odd-numbered pricing refers to the practice of setting price even below peso amounts. An example is selling at P99.50 rather than at flat P100. There are good reasons for this method:
1. At only a 50-centavo difference, P99.50 appears to be more attractive to the prospective buyer than the P100 price; and
2. The
Submitted by: Daproza, Star Pearl Angeline M.
Submitted to: Prof. Cabrales
Course & Section: BSBA MM 1-2
QUESTIONS FOR REVIEW AND DISCUSSION
1. What does “price” mean?
Price is the money, good, or service exchanged for the ownership or use of a good or service.
2. What are the objectives of pricing?
Before setting prices, the firm’s pricing objectives must first be determined. Pricing objectives may be consist of any of the following:
1. Profit-oriented objectives;
2. Sales-oriented objectives; or
3. Status quo-oriented objectives.
3. What is the pricing procedure? What does it consist?
The pricing procedure refers to the series of steps adapted in the determination of price. The series of steps are the following:
1. The determination of the realistic range of choice;
2. The selection of pricing strategy;
3. The evaluation of economic feasibility; and
4. The setting of the price.
4. What must be considered first before setting the price?
You must considered first the evaluating the economic feasibility before setting the price.
5. What are the various approaches to pricing?
Prices of products and services may be set based on any of the various pricing approaches. They are the following:
1. Cost based approach
2. Buyer based approach, and
3. Competition based approach.
6. What is the purpose of “target rate of return pricing”?
Target rate of return pricing is approach that enables a company to establish the level of profits that it feels will yield a satisfactory return.
7. What is “odd-numbered pricing”? What are the reasons behind this method?
Odd-numbered pricing refers to the practice of setting price even below peso amounts. An example is selling at P99.50 rather than at flat P100. There are good reasons for this method:
1. At only a 50-centavo difference, P99.50 appears to be more attractive to the prospective buyer than the P100 price; and
2. The