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A new product meets customer needs but its price is very high. Which aspect should the entrepreneur review?

Answer and explanation

Correct answer: Cost and pricing strategy

If a useful product is priced too high, the entrepreneur should examine the costs involved and the pricing strategy. Lowering unnecessary costs, improving efficiency, or setting a price that customers can reasonably pay may improve sales. A business name, package colour, or employee age does not directly solve the main problem of unaffordable pricing.

Related tags

Pricing-StrategyCostCustomer-AffordabilityIntroduction To EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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