How Can a Marketer Use Product Quality as a Pricing

question 112

Essay

How can a marketer use product quality as a pricing objective to influence purchasing decisions?

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Definitions:

Warranty

A guarantee from a seller to a buyer that a product or service meets certain quality and performance standards.

Mitigate Loss

Actions taken to reduce the severity or impact of a loss or damage, often a duty in contractual contexts.

Consideration

In contract law, something of value that is given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Damages

Financial compensation ordered by a court to be paid to a person who has suffered loss or harm due to the unlawful act or negligence of another.