Buad 301 exam 3 2023 with 100% complete solutions

the amount of money charged for a product or service. price is the sum of all the values that consumers give up in order to gain the benefits of having or using the product or service correct answersprice Demand oriented approach: setting a high price for a new product to skim revenues layer by layer from those willing to pay the high price. company makes fewer, but more profitable sales. When to use: setting a high price for a new product to "skim" revenues layer by layer from those willing to pay the high price. Company makes fewer, but more profitable sales. correct answersMarket skimming skimming price strategy correct answerselectronics often use a skimming pricing strategy. the first VCR's cost in excess of $1,500 and declines to as low as $49 at the end of their life cycle. HDTV's originally cost $43,000 in 1990, yet many are now price around $500. Demand oriented approach: setting a low initial price in order to penetrate the market quickly and deeply. can attract a large number of buyers quickly and win a large market share. correct answersmarket penetration