MKT 101 Lecture Notes - Lecture 19: Insider Trading, Food Industry, Brand

• School: Hofstra University
• Department: Marketing (MKT)
• Course: MKT 101
• Professor: Hamby

Document Summary

Through price planning, each price places a monetary value on a good or service. Price represents the value of a good or service for both the buyer and seller guides the exchange process. Perceived price paid what is expensive for rich and poor or where you grew up. Fir(cid:373)s (cid:271)e(cid:374)efit (cid:271)y i(cid:374)(cid:272)reasi(cid:374)g the (cid:448)alue added at a(cid:374)y/ea(cid:272)h stage of a(cid:374) ite(cid:373)"s produ(cid:272)tio(cid:374). Food industry processes products to save consumers time and effort. Subjectivity in consumer perception drives our response to price. Many products offer differential advantages that lead to greater company control over prices and improved profits, such as: If the competition can provide our benefit then people will be willing to pay a higher price, if our differential advantage is not that big of a deal then people just choose the cheapest option. Value (cid:373)ay also (cid:271)e di(cid:373)i(cid:374)ished at a(cid:374)y stage of a(cid:374) ite(cid:373)"s produ(cid:272)tio(cid:374) or distri(cid:271)utio(cid:374): Functional value subtractor: contaminated products, such as meat.