ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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byusing the wholesale cost of an item as the basis for the priced charged
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bywhat competitors are charging for the same good
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byhow much the consumer is willing to pay for a product or service
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None of the above
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Detailed explanation-1: -In a demand based pricing method, the product price is determined by customer demand and product perceived value. In this, customer responses are considered and a suitable price is determined. Factors considered are manufacturing cost, location, market competition, quality etc.
Detailed explanation-2: -Cost-based pricing is a pricing method that is based on the cost of production, manufacturing, and distribution of a product. Essentially, the price of a product is determined by adding a percentage of the manufacturing costs to the selling price to make a profit.
Detailed explanation-3: -Value-Based Pricing Strategy A value-based pricing strategy is when companies price their products or services based on what the customer is willing to pay. Even if it can charge more for a product, the company decides to set its prices based on customer interest and data.