Question: In this chapter, you learned about various pricing concepts that firms consider when choosing a pricing strategy. In this exercise, you will explore your own

  1. In this chapter, you learned about various pricing concepts that firms consider when choosing a pricing strategy. In this exercise, you will explore your own perceptions of pricing.

Consider the following products:

  • A diamond ring
  • A haircut
  • Plumbing services

For each product, answer the following questions.

  1. What are the non-price attributes of this product?
  2. How do these non-price attributes contribute to your perception of the price of the good?
  3. How do organizations reinforce the focus on non-price attributes?

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