You are at a family gathering and your relatives are excited that you have graduated QUT with a strong understanding of marketing tactics. During the afternoon, two relatives seek your advice.

A. Uncle Bob has run his successful car detailing business for many years, however, over the last three years, he has notice profits have slowly declined. You recall that developing a good pricing strategy is essential to the financial well-being of a firm. Even though Uncle Bob's business has always maintained an excellent strategy, what might be the ongoing and emerging threats to his strategy? Explain to Bob what six elements he should regularly examine in relation to his pricing strategy. (6 marks)

B. Cousin Charmaine shares with you that last weekend her sister asked her to drive her to the airport. In return, her sister paid for the petrol used driving to the airport and for the cost of parking, while Charmaine helped with her bags. At the airport, Charmaine's sister then declared, "Cool, now we are even, since I have fully compensated you for any costs you incurred in helping me get to his flight". However, from your lecture on pricing, you know that Charmaine has not been fully compensated. Please explain to Charmaine what important elements of the 'price' of taking her sister to the airport have been omitted? (4 marks)