Agatha's Inc

question 152

Essay

Agatha's Inc. is about to introduce a new product in the market, but is not sure as to how it should price the product. The company is facing intense competition from five other companies. In the past, it has also failed to keep up with the changing consumer wants. In such a situation, what should be its main objective?

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Definitions:

Maslow's Need

Refers to the hierarchical levels of human needs outlined by Abraham Maslow, ranging from basic physiological needs to self-actualization.

Unique Set of Needs

Specific, individual requirements or desires that vary from person to person, influencing behavior and satisfaction.

Maslow's Need Hierarchy

A theory of human motivation which states that people are motivated to fulfill basic needs before moving on to other, more advanced needs.

Incentives

Rewards or motivations provided to encourage specific behaviors or outcomes, commonly used in organizational settings to enhance performance.