BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1.It gives a competitive edge to the product/service by also building on perception of product/service quality
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2.It hardly matters as products/services can be priced in any way
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3. Prices should be kept in a way to yield maximum profit to a seller/manufacturer
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4.None of the above
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Detailed explanation-1: -It involves aspects such as demand and supply, cost of the product, its perception and value for the customer and many such factors. So while pricing a product, the company has to take immense care and consideration. If the price is too high or even too low the product will fail in the market.
Detailed explanation-2: -Pricing is important, but in the long-term, it’s the quality that ensures that customers stay loyal to your brand. It’s important to set your prices competitively. A special offer or deal can be great for attracting attention; however, most customers aren’t going to carry out a price comparison every time they shop.
Detailed explanation-3: -Why is pricing important? In markets with increasing volume and price pressure, the right pricing approach is essential to remain competitive. It brings you the value you deserve for your products and services offered and secures the profits you need to invest in change and growth.