ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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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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Detailed explanation-1: -T/F: The key to successful pricing is to match the product with the consumer’s perception of value. True; Successful pricing considers consumer’ perceived value, since to ignore this might result in a price that is too high or too low.
Detailed explanation-2: -Perceived value indicates how much a customer is prepared to pay for a product or service. This is determined by a product or service’s ability to meet the customer’s needs and inspire desire, especially in comparison with competitors.
Detailed explanation-3: -Definition: Perceived value pricing is that value which customers are willing to pay for a particular product or service based on their perception about the product.
Detailed explanation-4: -Value-based pricing uses the buyers’ perception of value, not the seller’s cost, as the key to pricing.