Upon completion of this chapter, the student will be able to answer the following questions:
- What is the role of pricing in strategic marketing planning from the perspectives of buyers, sellers, and competitors?
- What are the elements of a pricing strategy?
- When and why do conflicts arise over pricing decisions?
- How are pricing strategies adapted to stages of a product or brand in its lifecycle?
- What is psychological pricing, and what types of adjustments might be made because of their psychological effects?
- What types of strategic pricing models are available for use by marketers?
- How can break-even analysis be applied to strategic pricing decisions?
- What are the key issues, problems, and legal concerns that are involved in pricing strategy decisions?
- What is the relationship between pricing strategy and the integrated communications mix (IMC)?
