PRICES AROUND TOWN
Directions: In your group of two…
Prepare a list of five businesses in your community. Write the names of the businesses
in the spaces provided. Then ask two other people whether they think the businesses
have a reputation for low, moderate, or high prices. Record each response on the
chart by marketing a “1” under the appropriate category. Then, ask those same two
people to explain their responses (why they feel that the prices are low, moderate, or
high).
Record their responses in the spaces provided. After all interviews are completed,
respond to the questions on the next page and discuss your responses with your
instructor.
Business Name
Low
Carolina brewery
2.
Prices
Moderate
Reasons
High
1
The food is amazingg but
its prices are almost all
under $25
1
You can find clothes,
books, and other things
their for under 5 dollars
Pittsboro thrift store
3. Food Lion
1
They are more expensive
than places like walmart,
but not as high end as
whole foods
4.Lowe’s
1
You can find hardware
equipment for good
prices, not dirt cheap, but
not overpriced
5.AMC theater
LAP-PI-001-SP ©2020, MBA Research and Curriculum Center®
1
They sell candy and
popcorn for 10 dollars
The Price Is Right 1
PRICES AROUND TOWN (cont’d)
Questions:
1.
What factors did the interviewees most often mention as being associated with high
prices?
Fancy looking places allows them to sell higher priced items
2.
What factors did the interviewees most frequently identify as being associated with
low
prices?
chains, fast food, places known to be cheap like walmart
3.
What factors did the interviewees most often mention as being related to moderate
prices?
most bar/diner restaurants, as well as moderate priced stores
4.
In your opinion, how are the product, place, and promotion decisions affected by
pricing for:
a. The business with the highest prices?
Their promotion and place needs to be on point to sell products that are more expensive
b. The business with the lowest prices?
they need to get their prices out to the most people possible because people are more likely ro buy
their budget prices
c.
The business with the most moderate prices?
LAP-PI-001-SP ©2020, MBA Research and Curriculum Center®
The Price Is Right 2
they need to focus on all things evenly to create an effective blend for marketing
LAP-PI-001-SP ©2020, MBA Research and Curriculum Center®
The Price Is Right 3