practice of simultaneously increasing product and service benefits and maintaining or decreasing price is referred to as __________.
A) value-pricing
B) customer-value pricing
C) competitive pricing
D) cost pricing
E) demand pricing

Question

Quizplus · Accepted Answer

Value-pricing involves increasing the perceived value of a product or service while maintaining the price or even lowering it. This is done by maximizing the benefits offered to customers and reducing costs without sacrificing quality. This approach differs from cost-pricing and demand-pricing, where prices are set based on production costs or consumer demand, respectively. Customer-value pricing is a similar concept that focuses on providing the maximum value to customers, but it may not necessarily involve price reductions. Competitive pricing, on the other hand, involves setting prices based on the competition in the market.

Practice of Simultaneously Increasing Product and Service Benefits and Maintaining