Azature introduced the "world's most expensive nail polish." The Black Diamond nail polish contains 267 carats of crushed black diamond powder and a price of a whopping $250,000 a bottle. Azature is using a(n) _______ approach.
A) prestige pricing
B) price-line pricing
C) ultra-pricing
D) competitive parity pricing

Question

Quizplus · Accepted Answer

Prestige pricing strategy involves setting a high price to convey an image of luxury, exclusivity, or high quality. Azature's use of crushed black diamonds and the extremely high price point for their nail polish fits this approach, as it aims to position the product as a luxury item.

Azature Introduced the "World's Most Expensive Nail Polish