When a Firm Is Customer Driven and Seeks to Understand

question 30

Multiple Choice

When a firm is customer driven and seeks to understand the attributes customers want in the goods and services they buy and the value of those attributes to customers, the price of the product is set at a level that seems to the customer to be a good price compared with the prices of other options. What is this strategy called?

• A)value-based pricing
• B)noncumulative pricing
• C)promotional bundling
• D)price bundling

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Definitions:

South America

A continent located in the Western Hemisphere, mostly in the Southern Hemisphere, comprising 12 countries and known for its diverse geographical features and cultures.

School

An institution designed for the teaching of students under the direction of teachers.

Craft

Skill in doing or making something, especially with the hands, often implies an artistic or traditional nature of the work.

Rarely Kin

Describes family members or relatives encountered or existing infrequently.