Marketing

question 277

Multiple Choice

Marketing

• A) applies to both profit and nonprofit organizations.
• B) is another name for selling and advertising.
• C) should pick up where the production process ends.
• D) people should expect that the production department will determine what goods and services are to be developed.
• E) all of the above are true.

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Definitions:

Psychological Pricing

A pricing strategy intended to encourage customers to buy on the basis of their belief that the product or service is cheaper than it really is.

Less Expensive

Characteristic of a product, service, or proposition that costs less, making it more affordable or providing a budget-friendly option.

Loss Leader

A pricing strategy whereby a business offers a product or service at a lower price in an attempt to attract more customers.

Psychological Pricing

A pricing strategy that plays on the psychological perception of prices by consumers, often using prices that are slightly lower than a round number to encourage purchases.