BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What should the firm do in the following cases(a) If firms objective is to get greater market share(b) Attaining Product Quality Leadership:
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Increase the price; (b) Lower the Price
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Lower the price; (b) Increase the Price
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Increase the price; (b) Increase the Price
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Lower the price; (b) Lower the Price
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Explanation:
Detailed explanation-1: -Some of the more common pricing objectives are: maximize long-run profit. maximize short-run profit. increase sales volume (quantity)
Detailed explanation-2: -The goal of profit-oriented pricing is to maximize the margin of each sale as well as the long-term profitability of the business. That is, make as much money as possible for as long as possible.
Detailed explanation-3: -PRODUCT QUALITY LEADERSHIP – is where a company aims to provide the best quality product in the market, and therefore charges more than its competitors. These companies are usually market leaders. Pricing objectives for particular products or services can also vary according to the stage in the product life cycle.
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