Companies like Walmart that assert a "more for less" strategy are using value-based pricing.
What is value-based pricing?
- Value-based pricing is a method of setting prices that is mostly based on how much a consumer thinks a product or service is worth.
- Value pricing is which means that businesses set their prices in accordance with what consumers think a product is worth.
- Value-based pricing differs from "cost-plus" pricing, which computes prices after taking manufacturing costs into account.
- Companies that provide distinctive or highly desirable products or services are better positioned to benefit from the value pricing model than those that sell primarily commoditized goods.
- The value-based pricing theory primarily applies in marketplaces where owning a product improves a customer's self-image or enables unmatched life experiences.
To learn more about Value-based pricing refer to:
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Question Options:
1) Relevance
2) Timeliness
3) Audience need
4) Proximity
Answer: TIMELINESS
Explanation: Timeliness can be defined as the quality of something or a process occuring at EXACTLY the right time.
Sophia Believe her speech demonstrate timeliness because, as timeliness demonstrates a quality happening at the right time, so does her speech. The information is useful now, (timeliness) the information is useful in the near future ( timeliness).
Answer:
Perceptual set
Explanation:
Perceptual set: In psychology, the term perceptual set is also referred to as perceptual expectancy, and is defined as the phenomenon that involves a specific predisposition through which a person is ought to perceive distinct things in a particular way.
Fundamentally, a person notices only a few aspects of a particular situation or object and hence ignores the other given details. It is said that a perceptual set tends to happen in every sense.
In the question above, the given statement best illustrates the impact of "perceptual set".
I believe the answer is Dunning-Kruger effect
Dunnig-Kruger effect happens when <span> Someone with low ability suffer from illusory superiority,
This make them actually believe that they're actually better than other people even though they do not possess any actual achievement/proof to backed their perception.</span>
