ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In a cost-based pricing method, you “maximize” your price by asking the highest possible price you can based on perceived value
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true
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false
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Also known as prestige pricing and luxury pricing, a premium pricing strategy is when companies price their products high to present the image that their products are high-value, luxury, or premium. Prestige pricing focuses on the perceived value of a product rather than the actual value or production cost.
Detailed explanation-2: -Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time.
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