The practice of simultaneously increasing product and service benefits while maintaining or decreasing price is referred to as Value-Pricing.
What is value pricing ?
- When used literally, value-based pricing means setting prices based on what the customer perceives as the benefits of the product rather than on how much it actually cost to develop.
- For instance, the cost of a painting may be far higher than the cost of the canvas and paints because so much of the cost depends on the painter.
- Value pricing refers to the practice of businesses setting prices based on what consumers think a product is worth.
- Products that are exceptional and extremely valued are best suited to benefit from the value pricing strategy.
- Commoditized goods are not well suited for value pricing.
To learn more about Value pricing strategy refer,
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