Question

1- Describe the concept of psychological pricing, their intended use and types. explaın

2-Describe the stages of the product life cycle with their properties. explaın

3-3. What are the features that distinguish services from products? Is it possible to provide a certain quality standard for services? Please explain

Answer 1

psychological pricing

It is based on the theory that certain price figures have psychological impact.uses the customers emotional response to encourage sales. These pricing strategies tend to play to the emotional side of our brain rather than our rational brain

uses of psychological pricing

• Generate more sales
• Test different pricing tactics
• Attract buyer attention to targeted items, services or ranges
• Helps to Compete with competitors
• Create customer loyalty
• possible flash sales

product life cycle with their properties

1. Introduction Stage

The introduction stage of the PLC is characterized as follows

· Sales generally are low

· Production costs tend to be high

· Profits tend to be negative or very low( because of low sales and high unit costs)

· Competitors tend to be few in number

· Marketing cost are high.

2.Growth Stage

This stage of PLC has the following properties

· Sales increase rapidly in this stage

· Costs reduced due to economies of scale.

· Profits rise significantly.

· Competition continues to grow

3.Maturity Stage

This stage of PLC is characterized as follows

· Sales continue to grow during the early part of maturity, but slower rate as compared to growth stage.later sales reach the peak.

· the maturity phase of the life-cycle is the longest phase

· Costs continue to rise during

· the market reaches saturation

· Profit starts to decline in this stage.

4.Decline Stage

· This is the last stage of PLC

· Profit margins reaches a low level

· competition becomes severe

features that distinguish services from products

product	service
Storage facility	perishable
tangible	intangible
Measures output	Measures outcome
repeatable	Very difficult

Yes possible to provide a certain quality standard for services

The standards can take the form of specifications, guidelines, methodologies for particular tasks, and terms and definitions. BSI Group, also known as the British Standards Institution, is the national standards body of the United Kingdom. BSI produces technical standards on a wide range of products and services and also supplies certification and standards-related services to businesses. BSI has also developed a number of standards working with specific service industries in order to set the benchmarks for good practice, professionalism and to help provide assurance to customer and ensure their expectations are met.

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