Which of the following is true with regard to price?
A) Historically, price has had the least perceptible impact on buyer choice.
B) Price is the least flexible element in the marketing mix.
C) Unlike product features and channel commitments, prices cannot be changed quickly.
D) Price is the sum of all the values that customers give up to gain the benefits of having a product.
E) Prices only have an indirect impact on a firm's bottom line.

Question

Quizplus · Accepted Answer

Price is the sum of all the values that customers give up to gain the benefits of having a product. This is known as perceived value and it is one of the most important factors influencing buyer choice. The higher the perceived value, the more a customer is willing to pay for a product.

Which of the Following Is True with Regard to Price