Question

Discuss the importance of identifying the target market’s evaluation of price.

Answer 1

The following are the importance of identifying the target market's evaluation of price:

1. The right customers would have been targeted when there is a price evaluation is done, so that the product and service would reach them.

2. The high competition can be provided by the company in the market when a company does a evaluation of price, as where they could provide lower price compared to the competitors.

3. The company can understand on wherther it provides on reasonable price to their customer in the market through evaluating the price.

4. The company should analyze on its return and profit, so that evaluating the price helps to understand towards the growth of the organization.

5. The location plays a major role for the company, for that reason the price are evaluated and product and service would be provided through different geography.