ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Charging a high price for a designer handbag is an example of:
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Promotional Pricing
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Premium Pricing
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Demand-orientated Pricing
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Destroyer Pricing
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Market Skimming Pricing
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Explanation:
Detailed explanation-1: -Premium pricing is the practice of setting a high price to give the impression that a product must have unusually high quality. In some cases, the product quality is not better, but the seller has invested heavily in the marketing needed to give the impression of high quality.
Detailed explanation-2: -Premium pricing example of a product that may be suitable for premium pricing is Bentley, a very expensive English luxury car that provides a great deal of prestige to its owners. As a result, many customers will be willing to pay a significantly higher price for the high status of the brand.
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