The Owner of a Hardware Store Has Agreed to Sell

question 57

Multiple Choice

The owner of a hardware store has agreed to sell his business to another local hardware store owner. The purchaser would likely be described as a sale to a _____ buyer.

• A) competing
• B) employee
• C) financial
• D) strategic

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Definitions:

Prestige-value

The perceived value of a product or service based on its prestige, status, or luxury appeal, rather than its functional attributes.

Price-prestige

The phenomenon where consumers perceive higher-priced goods to be of superior quality, leading to a positive correlation between price and the amount of prestige or status believed to be conferred by a good.

Promotional Mix

The combination of marketing tools used by a business to execute its promotional strategy, including advertising, sales promotion, public relations, and direct marketing.

Personal Selling

A direct marketing approach involving face-to-face sales presentations to potential buyers to persuade them to make a purchase.