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Instructions
Give two examples of brands where manufacturing costs are well below the selling price. With that in mind provide answers to the below questions;1. How have the have companies been successful in charging high prices to the brands consumers, despite the low costs of manufacturing?2. How is customer information used as a part of the pricing strategy?Be prepared to discuss and defend your choices with your classmates.No more than 750 words. Please include a word count. Use 4 APA citations and references.
Answer
Product PricingOver the years, some organizations manufacture their products at a significantly low price and end up selling them at premium prices to their consumers. As a result of selling the products at premium prices, the companies make supernormal profits. Some of the products that are priced higher compared to the cost of manufacturing are Apple and Rolex, among others. The marketing of the products remains to be one of the most vital aspects of the business. As a result of the competitive effects, the business gains a competitive edge, and in the process large profit margin.High pricing strategiesDespite the low manufacturing cost experienced by the companies, they have successfully priced their final products at significantly high prices efficiently. The ability to price goods at...
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