Business, 18.03.2021 01:40 lyn94

Look through the following pricing strategies from the chapter: Dynamic, a la carte, odd-even, reference (and third option), extremity aversion, prestige, bundle, multiple-unit, and loss leader

Read the following scenarios and decide which pricing strategies would be most beneficial. Answer the given questions / follow the instructions.

1. A videographer specializing in weddings currently charges $2,000 to shoot a wedding. She has been shooting weddings for over twenty years and has now booked some well-known clientele. Which two pricing strategies would be most strategic for this videographer and why? What other pricing recommendations would you make to this videographer?
Prestige and a la carte

2. Sam has created a clothing line that sells at a local boutique. Short-sleeved shirts are $40, sweaters are $60, hats are $20, and accessories such as socks are $15. Give Sam two psychological strategies to use to improve his pricing and hopefully increase product sales. Explain your answer.

3. Now assume that Sam’s shirts sell for $400, his sweaters for $600, his socks for $150, and his hats for $200. Would your pricing strategy recommendations change any? Why or why not?

Answers: 2

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Look through the following pricing strategies from the chapter: Dynamic, a la carte, odd-even, refe...