Which of the following refers to the prices that a buyer carries in his or her mind and refers to when looking at a given product?
A) target prices
B) reference prices
C) promotional prices
D) geographical prices
E) dynamic prices

Question

Quizplus · Accepted Answer

Reference prices are the prices that a buyer carries in their mind and refers to while looking at a given product. These reference prices can be influenced by previous experiences, promotions, or the prices of similar products. Target prices refer to the price at which a buyer wants to purchase a product, while promotional prices are temporary price reductions. Geographical prices refer to price variations based on location, and dynamic prices are prices that frequently change based on supply and demand.

Which of the Following Refers to the Prices That a Buyer