Price is the value that is put into a product or service As a result of lots of calculations, research, understanding, and risk-taking. A pricing strategy, on the other hand, is the smart way a company makes in order to target and attract customers. There are four pricing strategies:
<span>1. </span>Premium pricing
<span>2. </span>Penetration pricing
<span>3. </span>Economy pricing and
<span>4. </span>Skimming pricing
Premium pricing and skimming strategy both use a high price while penetration pricing and economy pricing use a low price. <span>
<span>When Dillard company reduced the price of children’s Levis from $31.99 to $24.99, the used the penetration pricing. And when the manager of Jenney instructed his staff to do the same, he used the penetration pricing strategy also to attract customers. </span></span>
Answer:
Letter e is correct. Idea generation.
Explanation:
Outback through customer survey seeks to identify which items meet the needs of your target audience so you can expand your food product line. The Outback Idea Generation technique is a technique used by companies to achieve the innovation needed to develop new activities and organizational improvements, as well as to solve problems and opportunities more efficiently and systematically.
An example of a company connecting with customers in its package redesign strategy is creating a resealable package in response to consumer habits.
<h3>What is a redesign strategy?</h3>
A redesign strategy outlines which best practices should be employed first and which should be avoided in order to achieve the goals of the redesign endeavor.
Steps to a successful redesign of business processes:
- Set precise objectives.
- Prioritize each business process after identifying it.
- Make data collection and processing a regular part of your working day.
- A single workflow.
- Give authority to those in charge of processes.
- Single-source information collection.
In order to build the most effective product, the design strategy applies the tactical thinking of a company strategy to the needs of the user. Through innovative applications geared toward the end user, the convergence of business strategy and design thinking accomplishes long-term objectives.
To know more about design strategy refer to: brainly.com/question/14506200
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Answer:
social norms
Explanation:
Social norms can be seen as mutual depictions of appropriate social behavior as well as internal opinions of specific group behavior. Norms can be seen as cultural ideas (including principles, traditions, and rituals) that serve a basic understanding of what others practice and believe that they ought to be doing.
Social norms are, if seen as a societal viewpoint, informal interpretations which regulate the actions of people in a society. In response to religious or community expectations, behavioral economics acknowledges smaller group structures (such as a team or perhaps a department) can also accept norms independently.
