Effective ________ Pricing Involves Understanding How Much Value Consumers Place

question 69

Multiple Choice

Effective ________ pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value.

• A) competition-oriented
• B) cost-based
• C) time-based
• D) customer-oriented
• E) marketer-oriented

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Definitions:

Marketing Mix

A model used to review and manage a business’s marketing strategies, traditionally made up of the four Ps: product, price, place, and promotion.

Marketing Plans

Detailed strategies outlining the advertising, targeting, and selling efforts for a product or service, designed to achieve specific financial and market share goals.

Diversification

A strategy of increasing business opportunities through new markets or products, aiming to reduce risks associated with over-reliance on a single product or market.

Product Development

The process of creating or improving a product or service, from initial idea through marketing, with the goal of satisfying customer needs.