__________ focuses on consumers’ perceived value as the major factor of pricing. Select one: a. Value-based pricing b. Promotional pricing c. Value-added pricing d. Cost-based pricing

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Buying

Buying is the activity that involves acquiring something of value in exchange for an asset. The acquisition could be goods or/and services. During the buying process, the exchange of value takes place between two or more parties. For instance, if you are offered a present from your relative, it can not be termed “buying” as value exchange is only from one side. Therefore, any form of gifting is not considered buying. The most common medium of exchange to facilitate buying is currency.