If a Consumer Is Following the Lexicographic Rule in Her

question 52

True/False

If a consumer is following the lexicographic rule in her decision making,than she would select a brand that is the best on the most important attribute.

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Definitions:

Total Revenue

The total amount of income generated by the sale of goods or services related to a company's primary operations.

Odd Pricing

Psychological pricing strategy in which goods are priced at, say, $9.99 rather than $10.00 in the belief that the price will seem lower than it really is.

Prestige Pricing

A pricing strategy where goods are priced higher than market averages to evoke a sense of luxury or exclusivity.

Reference Pricing

Reference pricing is a pricing strategy wherein the price of a product is determined relative to the price of similar products or a benchmark in the market.