ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which two of the following are likely to encourage customers to pay a higher price for a product?Select two answers:If the business has:
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A successful brand name
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Many competitors offering similar products
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Products which are considered low quality
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Made the product available in many outlets
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A unique product
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Explanation:
Detailed explanation-1: -The most common promotional pricing types include BOGOF (buy one get one free), seasonal sales promotions, discounts, and flash sales.
Detailed explanation-2: -You need an overall price strategy (e.g., cost-based or value-based), you need to determine generally how high or low the price will be (skimming and penetration pricing), and you need to respond to competitors (competition-based pricing).
Detailed explanation-3: -The demand and supply of a product-If there is high demand for a product, consumers are likely to be willing to pay more for it. Therefore, businesses can charge a higher price for popular products, unless there are other businesses supplying similar products.
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