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MARKETING MANAGEMENT 12th edition 14 Developing Pricing Strategies and Programs Kotler Keller 142 Chapter Questions ? How do consumers process and evaluate prices? ? How should a pany set prices initially for products or services? ? How should a pany adapt prices to meet varying circumstances and opportunities? ? When should a pany initiate a price change? ? How should a pany respond to a petitor’s price challenge? 143 Synonyms for Price ? Rent ? Tuition ? Fee ? Fare ? Rate ? Toll ? Premium ? Honorarium ? Special assessment ? Bribe ? Dues ? Salary ? Commission ? Wage ? Tax 144 Common Pricing Mistakes ? Determine costs and take traditional industry margins ? Failure to revise price to capitalize on market changes ? Setting price independently of the rest of the