LEGO, the Danish toymaker, rather than worrying about finding ways to lower the price of its product in foreign markets has chosen (most LEGO sets are sold from $6-$223) to adopt a _____ strategy position.
A)demand-based
B)premium pricing
C)elastic pricing
D)promotion-related pricing
E)sensitivity-based

Question

Quizplus · Accepted Answer

LEGO has adopted a premium pricing strategy, which involves setting the price of a product higher than the average market price to reflect its exclusivity, quality, or brand value. This approach is evident in LEGO's decision not to focus on lowering prices but rather maintaining a price range that suggests a higher-end product.

LEGO, the Danish Toymaker, Rather Than Worrying About Finding Ways