ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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cost-based pricing
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customer-value based pricing
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competition-based pricing
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None of the above
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Detailed explanation-1: -Value-based pricing is a strategy of setting prices primarily based on a consumer’s perceived value of a product or service. Value-based pricing is customer-focused, meaning companies base their pricing on how much the customer believes a product is worth.
Detailed explanation-2: -Perceived value pricing is not based on the cost of the product, but it is the value which the customer thinks that he/she is deriving from consuming a product or a service. Description: Perceived value pricing is an important marketing strategy which helps firms to price a particular product in the markets.
Detailed explanation-3: -Value-based pricing uses the buyers’ perceptions of value rather than the seller’s cost. Value-based pricing is customer driven.