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Zane State College - BUSM 1510 1) Why is it difficult to determine reference prices? Consider a new pizza restaurant opening near your campus

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Zane State College - BUSM 1510

1) Why is it difficult to determine reference prices? Consider a new pizza restaurant opening near your campus. What challenges would the restaurant’s marketers encounter as they attempt to determine their customers’ reference prices? How could they find this information?

2.) What is the problem with standard markup pricing? How do buyers and sellers lose from this type of pricing strategy?

3.) Name a product that you think is underpriced. What price do you think should be charged, and what would be the benefits of that higher price for the company that produces the product?