MKT 702 Chapter Notes - Chapter 14: Modus Operandi, Sales Management, Takers
Document Summary
Buyers can do: get instant price comparisons from thousands of vendors. The comparison shopper, a service- offered by canada post, allows canadian consumers to compare prices of millions of products across hundreds of stores: name there price and have it met, get products free. Sellers can do: monitor customer behaviour and tailor offers to individuals, give certain customers access to special prices, negotiate prices in online auctions and exchanges or even in person. For an organization, effectively designing and implementing pricing strategies require a thorough understanding of consumer pricing psychology and a systematic approach to setting, adapting, and changing prices. Consumers were price takers and accepted prices at face value or as given. When examining products, however, they often employ reference prices comparing an observed price to an internal reference price they remember or an external frame of reference such as posted regular retail price .
