Review the important themes within the sub questions of each bullet point. The sub questions are designed to get you thinking about some of the important issues. Your response should provide a succinct synthesis of the key themes in a way that articulates a clear point, position, or conclusion supported by research.
- Perceived value of a product is directly related to its perceived quality and inversely related to its price.
- Assuming that we keep the perceived quality constant, explain what would happen to the perceived value of the product if we increase its price.
- Explain what will happen if we decrease its price.
- Conversely, if we keep the price constant, explain what will happen to the product’s perceived value if we increase its perceived quality.
- Explain what will happen if we decrease its perceived quality.
- As a part of the campaign for a new gourmet foods store, advertisement flyers will be sent through direct mail to high-income zip codes to solicit business from household heads. The mailers will contain information about the variety of products and services offered by the new store. Write the key marketing messages for an advertisement flyer positioning the store as a place where consumers interact with others interested in quality foods for everyday use and entertainment. In addition, select a method to measure the effectiveness of the mailer. Make reasonable assumptions.
- Using your selected method, how will you measure the effectiveness of the advertisement flyer?
- Why do you think your method is appropriate in the given situation? Provide detailed justification for your choice
(700 to 800 words) in length.