Concept - Pricing Learning Objectives: Understand the importance of pricing. Recognize the impact of supply, demand, and elasticity on pricing. Understand the break-even analysis for low- and high-p

Learning Objectives:

1. Understand the importance of pricing.
2. Recognize the impact of supply, demand, and elasticity on pricing.
3. Understand the break-even analysis for low- and high-priced products and services.
4. Understand the difference between maximizing the number of units sold to produce volume vs. maximizing revenue and profits.
5. Understand the impact of the psychological aspects of pricing.
6. Create awareness about price discrimination.
7. Understand the concept of non-linear pricing.
8. Acknowledge the reasons for changes in pricing.

Reflection and Discussion

Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.

Also, provide a graduate-level response to each of the following questions:

1. Lawyers are changing their pay structures. It used to be that they would bill hourly (top dollar for top lawyers, less experienced helpers had cheaper rates). Now they’re beginning to price like consultants—per project. Thus they must begin assessing the value-added to the client firm of the legal expertise and assistance. What advice would you give a law firm to proceed fairly and profitably?
2. What are the kinds of purchases for which you’ll “spare no expense”? What kinds of purchases do you want to buy spending as little as possible? What are the major differences between these two categories that drive your attitude regarding price?

Assignment

Activity: Recall the product life cycle and discuss the pricing strategies followed in each phase of the life cycle.

The assignment is to answer the question provided above in essay form. This is to be in narrative form and should be as thorough as possible. Bullet points should not to be used. The paper should be at least 1.5 - 2 pages in length, Times New Roman 12-pt font, double-spaced, 1 inch margins and utilizing at least one outside scholarly or professional source related to marketing management. The textbook should also be utilized. Do not insert excess line spacing. APA formatting and citation should be used.