Prestige pricing involves
A)constantly updating prices to reflect changes in supply or demand.
B)pricing generic label goods at the same price as designer goods.
C)pricing a product higher than competitors to signal that it is of higher quality.
D)separating out the individual goods that make up a product and pricing each one individually.
E)adding a certain amount to the cost of each item in a product set.

Question

Quizplus · Accepted Answer

Prestige pricing involves pricing a product higher than competitors to signal that it is of higher quality. This strategy is often used by luxury and high-end brands to create an image of exclusivity and high quality. The higher price can also create a perceived level of prestige and status for consumers who purchase the product.

Prestige Pricing Involves