Blake is trying to come up with a pricing strategy for his store. He greatly admires Walmart and is considering adopting an everyday low price strategy. However, he is concerned because he believes that consumers might then view his products as being of low quality. At what stage of the process is Blake currently at as he is trying to establish prices?
A)Step 1: Development of pricing objectives
B)Step 2: Assessment of the target market's evaluation of price
C)Step 3: Assessment of competitor's prices
D)Step 4: Selection of a basis for pricing
E)Step 5: Determination of a specific price

Question

Quizplus · Accepted Answer

Blake is currently assessing how his target market will evaluate his prices if he adopts an everyday low price strategy. This falls under Step 2 of the pricing process which involves assessing the target market's evaluation of price.

Blake Is Trying to Come Up with a Pricing Strategy