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Relation Between Price and Consumer Perceptions of Quality

How does price relate to consumer perceptions of quality? How might price outside this range affect your image of the product's quality?

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The Response Addresses the Queries Posted in 551 Words, APA References

// Before understanding the concept of consumer perceptions, it is essential for us to recognize the factors that greatly influence the perception of consumer, like price, quality etc. So, here I am focusing on the concept of price, as pricing is the core factor that determines the survival for numerous companies and also every human being is supposed to give worth for the products/ services he consumes. //

Price

Price is defined as the number of monetary units paid by a person in obtaining a unit of product/ service. Price has a significant link with the consumer perception towards quality. It has been observed that the consumers are highly sensitive to the alteration made in the prices of products, which they frequently buy. Thus, consumers use price of the product as a measure of product quality (Shugan, 2003).

// hope from the ...

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The Response Addresses the Queries Posted in 551 Words, APA References

$2.19