ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following strategies is a business most likely to adopt in a competitive market?
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Charge a high price and have a low promotional spend
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Charge a low price and have a low promotional spend
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Charge a high price and have a high promotional spend
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Charge a low price and have a high promotional spend
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Explanation:
Detailed explanation-1: -Set a low price to enter a competitive market and raise it later.
Detailed explanation-2: -Porter’s four competitive strategies are cost leadership, differentiation, cost focus, and differentiation focus strategies.
Detailed explanation-3: -Answer and Explanation: Competition-based pricing is the setting prices based on competitor’s strategies, prices, costs, and market offerings.
Detailed explanation-4: -Cost Leadership Strategy. Differentiation Strategy. Innovative Strategy. Operational Effectiveness Strategy. Technology Based Competitive Strategy. Adaptability Competitive Advantage. The Information Advantage.
There is 1 question to complete.