GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The policy at Will’s Hardware store is that if you find a lower price at a competitor’s store, they will match the price. This is known as a goal in pricing where the firm will meet the ____
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Market share
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Return on investment
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Competition
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Cost-Benefit Analysis
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Explanation:
Detailed explanation-1: -What advantage is there for a company to offer products at prices below actual market value? Customers are more likely to try the product because they are not risking as much money. Sometimes the cost per unit of a new product will decrease as the total sales increase.
Detailed explanation-2: -A group of firms that have a formal agreement to collude to produce the monopoly output and sell at the monopoly price is called a cartel.
Detailed explanation-3: -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.
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