Marketers Often Determine How Much Potential Customers Are Willing to Pay

question 176

True/False

Marketers often determine how much potential customers are willing to pay for a product and then price it accordingly.This pricing strategy is called target costing.

---

Definitions:

Sensory Memory

The shortest-term element of memory, it is the ability to retain impressions of sensory information after the original stimuli have ended.

Sensory Modalities

the different channels through which humans and animals perceive the environment, such as sight, sound, touch, taste, and smell.

Stored Information

Information that has been retained in the memory over time.

Retrieval

Retrieval in psychology refers to the process of accessing and bringing into consciousness information that was previously encoded and stored in memory.