Question

George is ready to launch a designer tie collection under his own brand name. He now has to decide the right market price for his product. What would be the most important factor for George to consider while deciding on the right market price? A. the possible uses of the product B. the amount the customer can pay C. the payment methods used by his customers D. the locations at which the customers would buy the product

Answer 1

Answer:

B. the amount the customer can pay

Explanation:

Pricing is one of the 4 P's of marketing mix. It involves assigning the right value to one's goods and services. Choosing the right price on a product will determine the success of the business because if it is too high, customers will not afford it and therefore not be willing to buy it. However, if it is priced right and it meets their needs, they will most likely buy it , making choice B correct.