Asked by Chasity Martin on Apr 29, 2024
Verified
Customers are more price sensitive the higher the product's price is relative to the customers' price expectation.
Price Sensitive
Describes consumers or markets that are highly responsive to changes in the price of goods or services.
- Grasp the concepts of price sensitivity in relation to customer expectations and product pricing.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
True
Explanation :
Customers tend to be more price sensitive when the product's price significantly exceeds their expectations or perceived value, as they are more likely to compare prices and seek alternatives.
Learning Objectives
- Grasp the concepts of price sensitivity in relation to customer expectations and product pricing.