For marketers, the key to determining prices is to:
A)vary the price of products frequently before finalizing.
B)focus exclusively on high organizational profitability.
C)figure out how much customers are willing to pay.
D)rely on the price range of competitors to determine pricing strategies.
E)involve employees in making price decisions.

Question

Quizplus · Accepted Answer

The key to determining prices for marketers is to figure out how much customers are willing to pay. This involves conducting market research to understand customer behavior and preferences and to gather insights on their price sensitivity. By understanding this, marketers can set prices that are competitive and attractive to customers while still meeting their profitability objectives. Varying prices frequently, solely focusing on profitability, relying on competitor pricing alone, or involving employees may not necessarily lead to optimal pricing decisions.

For Marketers, the Key to Determining Prices Is To