When developing a marketing approach to pricing,business owners must:
A)establish prices that are compatible with their customers' expectations and what they are willing to pay.
B)compete solely on price.
C)establish prices that are compatible with their customers' expectations and add a certain percentage to it.
D)establish prices that are compatible with their customers' expectations and subtract a certain percentage to it.

Question

Quizplus · Accepted Answer

Business owners should establish prices that are compatible with their customers' expectations and what they are willing to pay rather than just competing solely on price. This approach takes into account the value proposition of the product or service and considers the customer's perceived value. It may also involve researching the prices of competitors and adjusting prices accordingly while keeping in mind the target market's preferences and budget.

When Developing a Marketing Approach to Pricing,business Owners Must