Question

In setting prices for products and services, managers may attempt to charge what the customer is willing to pay however, too high a price may:

Answer 1

In setting prices for products and services, too high a price may A. deter a customer from purchasing a product, causing them to seek alternatives.

What are the factors involved in setting prices?

When setting prices of goods and services, managers should consider these factors:

• Production costs
• Organizational goals
• Marketing Objectives
• Marketing Mix Strategy
• The Market demand
• Competitors' costs, prices, and offers
• Price and Value perception of consumers.

Answer Options:

A. deter a customer from purchasing a product and seek alternatives

B. decrease a​ competitor's market share

C. indicate supply is too plentiful

D. increase demand and demand for the product.

Thus, in setting prices for products and services, too high a price may A. deter a customer from purchasing a product, causing them to seek alternatives.

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