This chapter states, "Often consumers base their perception of price onwhat they believe to be the customary or fair price." Expl.ain the meaningof this statement and provide an example.
This chapter states, "Often consumers base their perception of price onwhat they believe to be the customary or fair price." Expl.ain the meaningof this statement and provide an example.
Chapter20: Setting Prices
Section: Chapter Questions
Problem 3SC
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Concept explainers
Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
Question
This chapter states, "Often consumers base their perception of price on
what they believe to be the customary or fair price." Expl.ain the meaning
of this statement and provide an example.
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