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What aims to use price to send consumers a message about the high quality and exclusivity of a product?
Wiki User
∙ 12y ago
Prestige pricing
Anonymous
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What are the advantages and disadvantages of product concept?
advantages; 1) consumers favour products that offer the most quality 2) assumption that well made products will win admiration of consumers 3)assumption that quality products sell without much persuation
Why doesnt coke lose all its customers when it raises its price?
because of the product itself. customers buy the product not only looking at the price but because of the quality of the product. if consumers are satisfied with the product, they will entertain the product even if it raises price.
Is it better to make an expensive product of very good quality or a cheap product of lower quality?
Some consumers prefer to pay less for a product even when they know that the quality is inferior. Some consumers prefer to pay more for a higher quality product. Large profits can be made selling the highly priced high quality products, but because the first group of consumers tends to be more numerous, equally high profits can be made selling the cheap products due to the higher sales volume. Both have their place in the market. On the other hand, for some people, maintaining the integrity of producing only products that they would be proud to put their name on is more important than making the highest possible profit.
What is commodity or product approach?
Commodity = needs Product = quality In my POV, the commodity approach merely focuses on the consumers' demands whilst the product approach focuses on bringing consumer demand by creating a product that's of great quality.
How will consumers react to the incentive of a higher price on a good or services?
The negative incentive will cause consumers to purchase less of a good or service if it is of lower quality
Is price a reflection of product quality?
Not at all. Consumers frequently see a product and assume the more expensive the better the quality of the product. Whilst there is, to a degree a fact to this, product price is no guarantee of good quality
What is the purpose of product highlights?
When a firm can accentuate the product's exceptional quality in detail, it can convince consumers that it's higher-priced product is worthwhile.
What is product image?
Product image refers to the way consumers view the product. Product images can be negative or positive depending on price, quality, and the corporation itself.
What influence consumers shopping choice?
The things that influence consumers choices are: Promotions, offers, etc the quality of the product where the product has come from What shop the product is being sold in.. preferences from friends Hope that helped.. :D
Why did the consumers institute start?
The consumers instituteit started to test or provide help to see if a product or service was good enough quality and obliged by the consumer guaranty act.
What are the advantages and disadvantages of product concept?
advantages; 1) consumers favour products that offer the most quality 2) assumption that well made products will win admiration of consumers 3)assumption that quality products sell without much persuation
Why doesnt coke lose its customers when it raises its price?
because of the product itself. customers buy the product not only looking at the price but because of the quality of the product. if consumers are satisfied with the product, they will entertain the product even if it raises price.
Why doesnt coke lose all its customers when it raises its price?
because of the product itself. customers buy the product not only looking at the price but because of the quality of the product. if consumers are satisfied with the product, they will entertain the product even if it raises price.
Is it better to make an expensive product of very good quality or a cheap product of lower quality?
Some consumers prefer to pay less for a product even when they know that the quality is inferior. Some consumers prefer to pay more for a higher quality product. Large profits can be made selling the highly priced high quality products, but because the first group of consumers tends to be more numerous, equally high profits can be made selling the cheap products due to the higher sales volume. Both have their place in the market. On the other hand, for some people, maintaining the integrity of producing only products that they would be proud to put their name on is more important than making the highest possible profit.
Can you give five examples of negative demand?
Offensive advertising, false advertisement, low quality product, product misrepresentation, and company reputation can all cause negative demand, which is the determination of consumers not to buy a product.
What is the definition of product concept?
The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvement.
Justify appropriate pricing strategy for four wheelers?
Based on the many competitors a business has one may justify prices of products based on many reasons. these may include demand of product or service. if a product is in high demand consumers will pay the asking price just to have it. Quality of product or service, consumers want quality and will pay good money for it...if competitors off goods/services at a lower cost, if you hold a higher standard of product or service prices will be justified
