ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Charge a lower price than competitors
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Charge a higher price than competitors
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Charge the same price as its competitors
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Change its prices frequently
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Detailed explanation-1: -Definition: Premium pricing, also known as image or prestige pricing, involves setting a higher price to give the impression of superior quality. The price communicates luxury and performance and encourages favorable perceptions among buyers. Unlike skimming, there isn’t a plan around premium prices to lower them.
Detailed explanation-2: -7. Skimming Pricing Strategy. A skimming pricing strategy is when companies charge the highest possible price for a new product and then lower the price over time as the product becomes less and less popular.
Detailed explanation-3: -Penetration pricing is a marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering. The lower price helps a new product or service penetrate the market and attract customers away from competitors.