what is the role of a target market in determining the price of products and services? to keep in mind the…
what is the role of a target market in determining the price of products and services? to keep in mind the target market and how much they are willing to pay to increase the price based on customer preferences to set a fixed price for all products and services to offer discounts to attract more customers
Answer
Brief Explanations:
The target market's willingness - to - pay is a key factor in pricing. Companies need to consider what the target market can and will spend. Increasing price based on preferences is too narrow as it doesn't fully capture the market's overall ability to pay. Setting a fixed price ignores market segmentation and different target market values. Offering discounts is a strategy but not the main role of the target market in determining price.
Answer:
To keep in mind the target market and how much they are willing to pay