Consumers buy water and soda from vending machines. Usually the price of each of these products is about $1.50. If a marketer charges a significantly higher price for such products dispensed by vending machines, such as $2.50 per item, sales are likely to decline. Thus, marketers tend to be very consistent in the prices they charge for vending machine products. This is an example of marketers employing a ________ strategy.

Question

Quizplus · Accepted Answer

Customary pricing is a strategy where prices are set at a certain level based on tradition or consumer expectations, which is why vending machine prices remain consistent.

Consumers Buy Water and Soda from Vending Machines