Makson's,a manufacturer of agricultural fertilizers and pesticides,modifies the prices of its products exported to foreign markets to include the marketing costs in foreign markets but maintains the same price in all its domestic markets.Its products are more expensive in international markets compared to its domestic market where it is sold at a lower price.This pricing strategy used by Makson's to differently price its products is known as:

Question

Quizplus · Accepted Answer

The pricing strategy used by Makson's is known as dual pricing, where different prices are charged for the same product in different geographic locations. The company charges a higher price in international markets to cover the additional marketing costs, while maintaining a lower price in the domestic market where the marketing costs are lower. Market-differentiated pricing charges different prices for different customer segments or markets based on demand, while competitive pricing aims to match or beat the prices of competitors. Standard worldwide pricing charges the same price for a product across all geographic locations.

Makson's,a Manufacturer of Agricultural Fertilizers and Pesticides,modifies the Prices of Its