ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
The cost of producing items
|
|
|
The amount customers are charged for items
|
|
|
The profit earned from selling items
|
|
|
None of the above
|
Detailed explanation-1: -a pricing approach in which the producer sets a high introductory price to attract buyers with a strong desire for the product and the resources to buy it, and then gradually reduces the price to attract the next and subsequent layers of the market.
Detailed explanation-2: -Value-based pricing is a strategy that involves basing your prices on how the customer perceives the value of your product or service. Rather than looking at competitors or the market or the cost of the product, you go directly to the source, the customer, and choose a price based on what they’re willing to pay.
Detailed explanation-3: -Value-based pricing is also often used when scarcity is involved. For example, at a concert, bottled water may be on sale for $6. However, you can buy the same bottle from a vending machine outside of the concert area for $1 only.