The concept of the lowest ________ means that a seller can charge a higher price if they can convince the customers that price is only a small part of the total cost of obtaining,operating,and servicing the product over its lifetime.
A) prestige pricing
B) total cost of ownership
C) convenience pricing
D) key price points
E) none of the above

Question

Quizplus · Accepted Answer

The concept of the lowest total cost of ownership means that a seller can charge a higher price if they can convince the customers that price is only a small part of the total cost of obtaining, operating, and servicing the product over its lifetime. This approach emphasizes the long-term benefits of a product or service, rather than just the initial price.

The Concept of the Lowest ________ Means That a Seller