Which Pricing Method (Skimming,penetration,or Status Quo)would Be Most Appropriate for Each

question 125

Essay

Which pricing method (skimming,penetration,or status quo)would be most appropriate for each of the following products: (1)a new kind of automatic vacuum cleaner; (2)brightly colored wooden blocks to be used as a child's toy; (3)a new,low-cost,no-calorie fat substitute; (4)a home computer;and (5)a designer perfume.Briefly justify your answers.

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Definitions:

Patronage

The support, encouragement, privilege, or financial aid that an organization or individual bestows to others.

Urban College

An institution of higher education located in an urban environment, often offering a diverse range of programs and access to rich cultural and professional opportunities.

Respondents

Individuals who answer or respond to surveys, questions, or experiments in research contexts.

Marketing Decision

The choice made by a business regarding various aspects of marketing such as product development, pricing, promotions, and distribution channels to achieve specific objectives.