Enchanting Fragrances has recently introduced a range of perfumes that is priced very highly and still has a lot of demand from

Question

3 years ago

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Enchanting Fragrances has recently introduced a range of perfumes that is priced very highly and still has a lot of demand from

consumers who are loyal to this brand. According to this information, it can be inferred that the company is implementing the _____ pricing strategy.

Business

1 answer:

sweet [91] · Answer 1 · 2022-03-28T01:50:00+03:00

Answer:

Prestige Pricing Strategy

Explanation:

The prestige pricing strategy is best when the company has a great amount of customers who feel honored to buy the company's product and this is because of the extra-ordinary product the company produces and gives the customer feeling of prior quality product. As a result, the company starts pricing higher prices due to differentiation of the product and increased brand recognition.