Consideration Set Is a Term That Means the Same As

question 117

Multiple Choice

Consideration set is a term that means the same as:

• A)contemplation set
• B)awareness set
• C)evoked set
• D)inert set

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Definitions:

Price-sensitive

Refers to how demand for a product is influenced by changes in its price; price-sensitive consumers are likely to change their purchasing behaviors significantly in response to price changes.

High Initial Price

A pricing strategy where a product is introduced to the market at a high price point to maximize revenue from less price-sensitive customers before possibly lowering the price.

Skimming Pricing

A pricing strategy involving setting high prices initially to target consumers who are willing to pay more for new or unique products.

Innovative Product

A new or significantly improved product that meets unique customer needs or opens up new markets.