The desired image for the business, the target market the owner is trying to reach, and the prices charged are all closely related to one another.

Question

Quizplus · Accepted Answer

The desired image for a business, the target market the owner is trying to reach, and the prices charged are interdependent factors that affect each other. A business that aims to target a high-end market will have to maintain a premium image and charge high prices accordingly. On the other hand, a business that caters to a value-conscious market will have to project an affordable image and price its products competitively. Thus, the desired image, target market, and pricing strategy are closely related to one another.

The Desired Image for the Business, the Target Market the Owner