Businesses regularly set prices to satisfy demand

Assignment Help Marketing Management

Reference no: EM13891526

1. Read Chapter 11, "Developing Pricing Strategies and Programs," in A Framework of Marketing Management. As you read, keep in mind the 3.1 devotion.

2. Go to the American Marketing Association website https://www.marketingpower.com/Pages/default.aspx
review their Statement of Ethics and read carefully their ethical value on Fairness.

3. In addition, go to the Federal Trade Commission website and read the following paper on price gouging: https://www.ftc.gov/be/otherdocuments/meyergouging.pdf

3. Review this scenario:

Businesses regularly set prices to satisfy demand or to reflect the premium that consumers are willing to pay for a product or service. This can result in $2 bottles of water, $150 running shoes, different prices at gas stations only miles or block apart, and $500 concert tickets as well as different prices in different parts of the country/world or at different times of the year, as described in the textbook chapter.

4. Choose a stance:

a. Prices should reflect the value consumers are willing to pay.

b. High prices reflect price gouging. Prices should reflect only a minimal markup to the cost of making a product or delivering a service.

6. Explain your reasoning for the stance that you selected.

c. Reflect on whether your stance would be different if you were viewing it through your "business lens" versus your "Christian lens." Should these views converge How?

Defend your answers with a detailed evaluation using clear and insightful critical thinking.

200 to 300 words in length, include two academic sources that are properly cited according to APA style

Reference no: EM13891526

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