The Service Industry Faces a Challenge When Setting a Price

question 41

Multiple Choice

The service industry faces a challenge when setting a price for intangible products. Three types of pricing strategies, based on customer perception of the value provided by the purchase, have been postulated. Which of the following is not one of the strategies?

• A) Satisfaction-based pricing.
• B) Relationship pricing.
• C) Reference pricing.
• D) Efficiency pricing.

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Definitions:

Smoking In Bed

A dangerous practice that involves smoking while lying down in bed, posing significant risks of fire and injury.

Space Heater

A portable device used to heat a small area, often electric or fueled by combustible materials.

RACE Method

An acronym standing for "Rescue, Alarm, Confine, Extinguish," used as a protocol in fire safety training.

Physical Therapy Session

A period of treatment involving exercises, massages, and other methods to improve movement, strength, and function, usually under the guidance of a physical therapist.