Contents
This paper provides answers to the following questions - - 1. Review the Simplified Model of Consumer Behavior. Then reflect on a meaningful purchase you made recently. Describe your decision-making process and any psychological or sociological influences that affected any step in the process.
- 2. Select a product or service that you think has a valuable trade dress. Describe the elements of the trade dress and explain how each element contributes to the overall impact this product or service makes on consumers. (Note: use an example not in the text.)
- 3. If a small business’ break-even analysis reveals the break-even volume to be 10,000 units at a price of $10, should it price its product at $10? Why or why not?
- 4. In addition to a small business owner’s own cost and revenue analyses, what external factors should an entrepreneur consider when choosing a pricing strategy? Explain why for each factor.
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