Describe and Differentiate Between Informal Means of Social Control and Informal

question 8

Essay

Describe and differentiate between informal means of social control and informal means of social control.Provide examples that are illustrative of each category.

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Definitions:

Price-sensitive Market

A market characterized by consumers who are highly responsive to changes in the price of goods and services.

Pricing Method

The approach or strategy adopted by a company to set the price of its products or services, taking into account costs, value to the customer, market demand, and competition.

Prestige Pricing

A pricing strategy where items are priced higher than their actual value to invoke a sense of exclusivity or luxury.

Demand-oriented

A pricing strategy focused on consumer demand factors; prices are set at levels that are believed to stimulate demand.