ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Considering an observed price, consumer often compare it to an internal reference price or an external frame of reference
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Competitor Price
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Fair Price
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Reference Price
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Typical Price
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Explanation:
Detailed explanation-1: -Unit pricing allows customers to compare the price and value of similar types of products. Under the unit pricing code, it is compulsory for certain retailers to display both a product price and a unit price for grocery items.
Detailed explanation-2: -What is Reference Price. Definition: Reference price is also known as competitive pricing, because here the product is sold just below the price of a competitor’s product.
Detailed explanation-3: -Competition-based pricing is a method that, put simply, involves setting your prices in relation to the prices of your competitors.
There is 1 question to complete.