Explain the relationship of price and quality.
How does prestige pricing come into play when a marketer is making a pricing decision?
Expert Answer
Quality and price relationship: it’s complicated
The quality and price relationship is often one of the first factors brand positioning consultants will consider when working to improve the marketability of a product. Studies have shown that the price tag is often one of the first things potential customers will look at when deciding whether to buy a product. However, it would be a mistake to assume that a lower price will always automatically lead to higher sales.
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