Blake Is Trying to Come Up with a Pricing Strategy

question 197

Multiple Choice

Blake is trying to come up with a pricing strategy for his store. He greatly admires Walmart and is considering adopting an everyday low price strategy. However, he is concerned because he believes that consumers might then view his products as being of low quality. At what stage of the process is Blake currently at as he is trying to establish prices?

• A)Step 1: Development of pricing objectives
• B)Step 2: Assessment of the target market's evaluation of price
• C)Step 3: Assessment of competitor's prices
• D)Step 4: Selection of a basis for pricing
• E)Step 5: Determination of a specific price

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Definitions:

Partial Report Method

A memory recall technique where participants are asked to recall a specific subset of items from a briefly presented array.

Sensory Memory

The shortest-term element of memory, it allows the retention of impressions of sensory information after the original stimuli have ended.

Tone

In literature and communication, tone refers to the attitude or emotional nuance conveyed by the writer or speaker.

Chunking

A process by which individual pieces of information are bound together into a meaningful whole, often used as a memory aid.