When Establishing Prices, It's Important for a Manager to Understand

question 52

Multiple Choice

When establishing prices, it's important for a manager to understand that "good value" is not the same as .

• A) "perceived value"
• B) "high price"
• C) "low price"
• D) "everyday value"
• E) "bargain basement"

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Definitions:

Demographics

Statistical data relating to the population and particular groups within it, often used for marketing or policy-making purposes.

Psychographics

The study and classification of people according to their attitudes, aspirations, and other psychological criteria, especially in market research.

Quantifiable Characteristics

Attributes or features of an object or project that can be measured and expressed numerically.

Psychological Characteristics

Traits or features related to the mental and emotional state of an individual.