Author Question: Sometimes new marketing channels open up in the decline stage. Indicate whether the statement is ... (Read 85 times)

jrubin · **on:** Jun 29, 2018

Sometimes new marketing channels open up in the decline stage.

Indicate whether the statement is true or false

Question 2

What are the differences among value-conscious, price-conscious, and prestige-sensitive customers?

tdewitt · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

True

Answer to Question 2

Buyers can be characterized according to their degree of value consciousness, price consciousness, and prestige sensitivity. Marketers who understand these characteristics are better able to set pricing objectives and policies. Value-conscious consumers are concerned about both price and quality of a product. During uncertain economic periods, customers become more value and price conscious and tend to limit discretionary spending.
Price-conscious individuals strive to pay low prices. They want the lowest prices, even if the products are not of the highest quality. Amazon.com has long been known for a willingness to sacrifice profit margins in favor of offering the lowest prices.

Prestige-sensitive buyers focus on purchasing products that signify prominence and status. For instance, Patek Philippe & Co. is known for its high-quality watches and has been a premier watchmaker worldwide for more than 160 years.