Consumer perceptions of superiority pay off in the firm's ability to raise prices without losing market share.

Name: Consumer perceptions of superiority pay off in the firm's ability to raise prices without losing market share.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If consumers perceive a product or brand to be superior, they are willing to pay more for it, allowing the firm to raise prices without losing market share. This is known as price premium and can be a crucial factor in a company's profitability.

Consumer Perceptions of Superiority Pay Off in the Firm's Ability