Find the “You Be the Consultant” exercise in Chapter 11; “The Psychology of Pricing.”
Read the exercise carefully after having read Chapters 10 through 11, and apply what you have learned in answering the questions using no less than 500 words.
Refer to the grading rubric provided below.
YOU BE THE CONSULTANT – The Benefits of Premium Pricing
Use the Internet to find examples of businesses that use these or other psychology-based pricing techniques and write a brief description of the company and its pricing strategy.
Why do many entrepreneurs underprice their goods and services, especially when they first get into the business? Discuss the connection between the prices a company establishes for its goods and services and the image it creates for the company.
Please ensure you “discuss” and “describe” as required, providing a clear understanding of the material! You are graded on your critical thinking skills and understanding of the concepts.
Grammar, spelling, and punctuation are expected to be correct and professional, and references need to be fully and properly APA formatted.
Scarborough, N. M. (2019). Essentials of entrepreneurship and small business management (9th ed.). Upper Saddle River, NJ: Pearson. ISBN 13: 9780136879664
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