What Are Two Main Disadvantages Associated with Using Informal In-House

question 36

Multiple Choice

What are two main disadvantages associated with using informal in-house surveys?

• A) complexity and cost
• B) cost and reliability issues
• C) cost and speed
• D) reliability and validity issues

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Definitions:

Penetration Pricing

A pricing strategy where the price of a product is initially set low to enter a competitive market and attract customers.

Skimming Pricing

A pricing strategy where a firm sets relatively high prices at the launch of a new product or service to maximize profits from customers willing to pay more.

Fixed-price Policy

A pricing strategy where the price of a product or service is set and not subject to change based on market fluctuations.

Customary Pricing

Pricing strategy that is based on what is traditionally expected or accepted within a specific industry or by consumers.