Marketers Must Have Concrete Measures or Means of Controls to Determine

question 17

True/False

Marketers must have concrete measures or means of controls to determine whether they are meeting their marketing objectives.

Understand the differences and applications of various research methods such as surveys, naturalistic observation, case studies, correlational studies, and experimental research.

Identify and interpret the effects of variables and potential biases in research studies.

Understand the concept of variability in data sets and how it is measured.

Evaluate the impact of outliers on mean, median, and standard deviation.

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Definitions:

Odd Pricing

Psychological pricing strategy in which goods are priced at, say, $9.99 rather than $10.00 in the belief that the price will seem lower than it really is.

Prestige Pricing

A pricing strategy where goods are priced higher than market averages to evoke a sense of luxury or exclusivity.

Reference Pricing

Reference pricing is a pricing strategy wherein the price of a product is determined relative to the price of similar products or a benchmark in the market.

Penetration Pricing

A pricing strategy where the price of a product is set lower than the competitors' to gain market share rapidly.