If a firm is able to create a premium image in its customer's mind by offering a custom product or extra service,it should typically claim _____ as its pricing strategy and use it as a differential advantage.

Question

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Prestige pricing involves setting a high price for a product or service to create a premium image in the customer's mind. This strategy can be effective when a firm offers custom products or extra services that justify the higher price tag. By using prestige pricing as a differential advantage, the firm can attract customers who are willing to pay a premium for quality or exclusivity.

If a Firm Is Able to Create a Premium Image