if consumers perceive less value relative to competing products, a company should attempt to change customer perceptions to justify a higher price. true false

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24-10-2022
Business

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if consumers perceive less value relative to competing products, a company should attempt to change customer perceptions to justify a higher price. true false

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MonikaNandal MonikaNandal · Answer 1 · 2022-11-05T07:39:15+01:00

True, a business should try to change customers' perceptions of value to justify a higher price if they perceive it to be less than that of competing products.

How does price influence how customers perceive you?

Price raises both perceived quality and perceived sacrifice (the willingness to pay more), and the trade-off between perceived quality and perceived sacrifice influences perceived value, according to these models. Customers believe that the product is of high quality when its price is high.

Why is it important to take into account how consumers perceive prices?

According to research, consumers' decision-making process is influenced by their perceptions of a product's highest and lowest prices. That is, they are influenced by all of the prices they see, not just the anchor price of a particular product.

Learn more about customer's expectations here:

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