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PRICING STRATEGIES
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CHAPTER 7
139
PRICE SENSITIVITY OF CUSTOMERS
The most obvious external factors influencing
price setting are the expectations of customers. When it comes to making a purchase
decision, customers assess the overall ‘value’ of a product and then assess the price.
When deciding on a price, marketers need to conduct customer research to determine
what ‘price points’ are acceptable. Pricing beyond these price points could discourage
customers from purchasing.
It is imperative that marketers understand the price sensitivity of customers who
form the target segment of the products they are trying to sell.
Consumers ...
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