Question

Kalim developed a new food product that he was certain would be popular with consumers. He researched his target market and made sure that the industry was growing. However, once he launched the product, prospective customers told him that the product was priced too high. How could he have avoided this problem?
Question options:

A. By conducting a focus group before launching the product

B. By conducting telephone surveys asking customers what new foods they would like to try

C. By conducting online surveys to ask customers what their favorite flavors were

D. By better defining his niche

Answer 1

A. By conducting a focus group before launching the product

Pricing in the business world is very delicate. People will always tend to go for the cheapest product if they aren't loyal to a specific brand. So, when you are starting a business, it is extremely important to focus on pricing. Your prices have to be low enough for people to buy them, but high enough to break even and make a profit.

A focus group would have assisted Kalim in finding the best price for his product. By conducting this, the group would have told him exactly what they would pay for something like his product. However, the damage done is not permanent. He should now lower the prices or conduct a focus group to find out the best price for his food.

Answer 2

I believe the correct answer is C , because people will pay more for their favor things like ... like iPhones