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Who said "Price is what you pay, value is what you get?"

Warren buffet


Warren Buffet said, _____ is what you pay, ______ is what you get

price, value


What causes one company to set the price of a limited-edition pencil at $10,000 and another company to price pencils at a penny for a pack of ten? What causes customers to purchase one of these and not the other?

the answers lie in pricing strategies and the psychology behind them


What is operating profit?

revenue minus the cost of goods sold, the operating expenses, depreciation, amortization


what are two questions marketers struggle with?

How do we know the correct price for this item?
How do we know what this is worth to the consumer?


What happens if a companies products are too high?

customers won't buy the product


What happens if a companies products are too low?

the company either doesn't make money or it leaves potential revenue on the table


Customers look to price to help decide which brands are ______.