Asked by Scott Johnston on Jun 12, 2024
Verified
In order to increase sales the firm can
A) Increase the reference price for the product
B) Decrease prices
C) Differentiate their product
D) All of the above
Reference Price
A price point that consumers use as a basis for comparison in judging the actual price of a product or service.
Differentiate Product
Differentiate product involves creating distinctions between products, typically to make a product more attractive by highlighting its unique features compared to competing products.
- Analyze different methods of pricing to increase sales effectiveness and understand their influence on buyer behavior.
Verified Answer
BR
Brian ReyesJun 19, 2024
Final Answer :
D
Explanation :
Increasing the reference price can make the original price seem more attractive, decreasing prices can directly stimulate demand, and differentiating the product can appeal to a broader or more targeted audience, all of which can increase sales.
Learning Objectives
- Analyze different methods of pricing to increase sales effectiveness and understand their influence on buyer behavior.
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