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Ottawa University Marketing Management 5th Ed Book Chapter 9 Summary

Part 1:

Read a topic from Chapter 9 and write a summary on it.

Also, provide a graduate-level response to each of the following questions:

Lawyers are changing their pay structures. It used to be that they would bill hourly (top dollar for top lawyers, less experienced helpers had cheaper rates). Now they’re beginning to price like consultants—per project. Thus they must begin assessing the value-added to the client firm of the legal expertise and assistance. What advice would you give a law firm to proceed fairly and profitably?
What are the kinds of purchases for which you’ll “spare no expense”? What kinds of purchases do you want to buy spending as little as possible? What are the major differences between these two categories that drive your attitude regarding price?

Part 1 needs to be 500 plus words and APA format (refer chapter 9 from the Marketing Management textbook

Part 2:

Recall the product life cycle as discussed in Chapter 8 and discuss the pricing strategies followed in each phase of the life cycle.