Since consumers have the tendency to compare prices on almost everything they buy,marketers setting prices should attempt to capitalize on this tendency by determining the price consumers will consider fair and reasonable for a product.This is known as the
A)reference price.
B)reasonable price.
C)break-even point.
D)dynamic price.
E)benchmark pricE.

Question

Quizplus · Accepted Answer

This is known as the reference price, which is the price a consumer has in mind and uses as a basis for comparison when evaluating the presented price. Marketers can use this information to set a price that is perceived as fair and reasonable in comparison to the reference price. The other options (reasonable price, break-even point, dynamic price, benchmark price) are either not directly related to consumers' tendency to compare prices or not a widely recognized pricing strategy.

Since Consumers Have the Tendency to Compare Prices on Almost