Prestige Pricing Refers to

question 10

Multiple Choice

Prestige pricing refers to

• A) charging different prices to different buyers for goods of like grade and quality.
• B) setting a low initial price on a new product to appeal immediately to the mass market odd-even pricing.
• C) setting a market price for a product or product class based on a subjective feel for the competitors' price or market price.
• D) setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it.
• E) setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors.

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Definitions:

Expectancy Theory

A motivational theory that suggests an individual's performance is based on their expectations of the outcome and the value they place on that outcome.

Multiplier Effect

A phenomenon where a small change in a particular variable leads to larger changes in related variables, amplifying the original effect.

Goal-setting

The process of identifying specific, measurable, achievable, relevant, and time-bound objectives.

Targets

Specific goals or objectives that an individual or organization aims to achieve within a defined time frame.