If a Firm Is Able to Create a Premium Image

question 53

Multiple Choice

If a firm is able to create a premium image in its customer's mind by offering a custom product or extra service,it should typically claim _____ as its pricing strategy and use it as a differential advantage.

• A) loss leader
• B) penetration pricing
• C) going rate
• D) prestige pricing

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Definitions:

Distinctiveness

The quality of being easily distinguished or set apart from others due to unique attributes or characteristics.

Consistency

The quality of being uniform, stable, and free from contradiction over time.

Consensus

A form of collective agreement where all members of a group support a decision even if it may not be their first choice, ensuring that everyone's opinion is considered.

Self-Serving Bias

is the common human tendency to attribute positive outcomes to one's own character or behaviors but blame outside factors for negative outcomes.