1 Choose a consumer purchase you recently made and explain t

1. Choose a consumer purchase you recently made, and explain the steps involved in setting the right price for that product.Then discuss how the pricing might change if selling the same product in a lesser-developed country. What might be the ethical considerations?

2. What was the last instance of social media influencing your buying behavior if any? Explain.

3. You want to promote a product in a lesser-developed country. How might ethics and legal considerations impact the manner in which you promote the product?

Please Provide Answers of the above questions ASAP.

Thanks

Solution

Answer:

1. The most recent consumer purchase which i made is mobile phone.

     The steps involved in settling the right price for that product is as below:

If the product to be sold in a lesser-developed country then the ethical consideration to given in 1. reducing the profit margin on deciding the final price, 2. the main aim is to capture the market share while deciding the pricing objective.

2. The last instance of social media influencing my buying behavior is when i bought a new mobile phone. I was browsing through Facebook having no intention of buying a mobile phone, but on seeing a review and demo of latest version of mobile, i decided to go for it in emotion on seeing its new features.

3. The ethical and legal considerations that might impact the manner on product promortion is as below