How did you use external and internal reference prices

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1. Suppose you have been hired as the pricing manager for a grocery store chain that typically adds a fixed percentage onto the cost of each product to arrive at the retail price. Evaluate this technique. What would you do differently?

2. Consider the last purchase you made on sale. How did you use external and internal reference prices to determine the product's value? Do you believe the external reference price was deceptive? Why or why not?

Reference no: EM131287138

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