Question

Perceptions of value are one really important reaction consumers have to marketers’ product offerings. Very broadly, explain how consumers form these judgments.

Imagine that you have been asked to provide some advice to the local pharmacy on a university campus. In particular, the pharmacy is concerned that students might perceive their prices to be too expensive. Provide one or two specific pieces of advice that you think will help the pharmacy increase perceptions of value (without just lowering the actual prices charged!), and explain exactly why you think your suggestions will have the intended effect.

Answer 1

A business in order to be successful in their venture needs to possess certain specific strategies or else due to high level of competition it will be difficult for them to cope up in the industry. Perceptions of customers are very important and they should possess positive perceptions regarding the organization which will make sure that the organization creates an impact in the industry they are opearting in.

I believe that the pharmacy in the university has to be very much effective in their planning and they need to make an impact which will create a perception that the prices are as per the company standards. The pharmacy needs to promote that the pharmacy is providing the products at a subsidized rate as this is an university and therefore the store will give products to students and that will be subsidized. The store will also be a resort because in University there are a lot of accidents when the students need to rush to the nearby medical store and that takes time so the mission of the organization is to provide support and convenience to the students and staffs as well. I believe that these suggestions will be effective because the students will feel that their interests are getting valued and this will make them feel that they will be benefitted by the pharmacy.