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“You’re only worth what you’re willing to ask for”

“You’re only worth what you’re willing to ask for”. WHAT DOES THIS MEAN? DISCUSS WITH PARTNER video. Pricing-you get what you pay for? . The Price is Right. Price is the value in money, placed on a product Brand name vs Generic/store brand Consumers make judgments depending

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“You’re only worth what you’re willing to ask for”

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  1. “You’re only worth what you’re willing to ask for” WHAT DOES THIS MEAN? DISCUSS WITH PARTNER video

  2. Pricing-you get what you pay for?

  3. The Price is Right • Price is the value in money, placed on a product • Brand name vs Generic/store brand Consumers make judgments depending • High Price? Better quality in an upscale store • Low Price? Getting more for your money

  4. Name your Price Value is how much the product is worth to the customer. This is a mental estimation. Price is the value in money, placed on a product Cost is how much it costs to make the product. Seller has to be able to gauge where the customer will value it

  5. Why are we studying this in Marketing? Price is very important to sales! Increase price? Reduce the size, cut meals, pay for bags Or lower prices, PCs, Ipods

  6. Goals of Pricing • Earning a Profit-Return on Investment (ROI) Rate of Return = Profit/Investment Others: • Gain Market Share-take business away from competitors • Meeting Competition-some companies simply aim to meet their competitors prices

  7. Increased Price or Increased Sales?

  8. Cost Savings

  9. Cost Savings

  10. Investment Winners

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