ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It involves capitalizing on low value by-products.
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It involves pricing products that can be added to the base product.
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It is used to price a company’s main product.
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It involves setting geographically specific prices.
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Detailed explanation-1: -Answer is Option C-It involves pricing products that can be added to main product Optional product pricing is a strategy where a business decides to sell their pro…
Detailed explanation-2: -Optional product pricing is when a business sets a base product at a lower cost and additional, optional products at a higher price to make up for any losses. Optional products aren’t required for the base product to work, but they usually enhance the customer experience.
Detailed explanation-3: -The 2 factors of optional product pricing In order for optional product pricing to be a viable method for your business, you need to have at least two products; one will function as the main product and the other as an accessory or complement to the basic product.
Detailed explanation-4: -Price skimming Companies use price skimming when they are introducing innovative new products that have no competition. They charge a high price at first, then lower it over time.