Question

Marketers who start with the price demanded by consumers and then create offerings to meet the price are utilizing which pricing strategy?

Answer 1

Marketers who start with the price demanded by consumers and then create offerings to meet the price are utilizing demand backward pricing.

       A demand-oriented pricing strategy called demand-backward pricing bases a product's price on what customers are willing to pay. However, it's imperative that there be no loss in this situation. Instead, the goal is to determine a pricing point that satisfies both the demands of the consumer and the business.

  In this, manufacturers have the choice, in the event that sales are weak, to purposefully degrade product quality in order to achieve the desired price. Demand-backward pricing is particularly helpful for businesses who are entering new markets and want to build a consumer base right away without having to cut their rates afterwards.

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