Question

In: Economics

1# Which of the following is NOT a way to influence a consumers’ perception of value?...

1# Which of the following is NOT a way to influence a consumers’ perception of value?

a. Social profiling

b. Brand name

c. Product quality

d. Channels of distribution

e. Customer service levels

2# Changing prices on established brands presents challenges. Shoppers are used to what frequently purchased products cost such as ready-to-eat cereal, potato chips, and canned vegetables. To lower prices with these types of products, manufacturers most often

a. Use regional coupons to clear the market.

b. Increase advertising intensity to justify a lower price.

c. Change the color of the packaging and include on-package messaging such as “now at a lower price.”

d. Purchase end-of-aisle shelf space to encourage impulse purchases.

e Keep the price and package the same while increasing the amount of content.

3# When people think of promotion, usually, they think of advertising. Certainly, advertising is a big part of promotion, but the promotion mix also includes all the following activities, except:

a. Public relations

b. Direct marketing

c. Sales promotion

d. Personal selling

e. Predatory pricing

Expert Solution

Ans 1. d) Consumers perceive value of a product through all of the mentioned ways except channels of distribution. This is because value is usually created with something which is visible or tangible. Channels of distribution are usually not perceived by the end consumer in creating value.

Ans 2. e) Marketers of established brands usually keep the price and package the same while increasing the amount of content. Since the consumers of these brands are loyalists, this is a way of rewarding the loyalists and making sure the loyalists remain loyal to the brand by not changing price and packaging. Using any other method will decrease the perceived value of the brand in the eyes of the loyalists.

Ans 3. e) All of the mentioned options are part of the promotion mix and are ways in which product /services may be promoted except predatory pricing. Predatory pricing instead is a pricing strategy meant to drive away competitors out of the market or create barriers to entry for new competitors.

Rahul Sunny answered 1 year ago

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