Outocome #1 Pricing concepts and strategies

Question 1

Price definition 1

Answer 1

the overall sacrifice a consumer is willing to make to acquire a specific product or service

Sacrifice
no monetary ( value of time)
monetary (travel costs, taxes, etc)

Question 2

Price definition #2

Answer 2

Key Succesful pricing is to match the product or service with the consumer value perception

Price is a sign of quality
too low // poor quality or performance