ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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price discrimination
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price lines
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price fixing
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loss-leader pricing
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Detailed explanation-1: -Value-based pricing is a strategy of setting prices primarily based on a consumer’s perceived value of a product or service. Value-based pricing is customer-focused, meaning companies base their pricing on how much the customer believes a product is worth.
Detailed explanation-2: -Value-based pricing uses the buyers’ perception of value, not the seller’s cost, as the key to pricing.
Detailed explanation-3: -Price is the determining factor as to whether a good is classified as a consumer product or a B2B product. Consumer databases, blogs, and social networking are some of the technological factors that are used by marketers to develop goods and services.
Detailed explanation-4: -Sports cars, designer clothing, exotic perfumes, luxury watches, and famous paintings are all examples of specialty products.