VCE Business Management Unit 2 AOS 2 WITH
COMPLETE VERIFIED ANSWERS.
premium pricing
the practice of keeping the price of a product or service artificially high in order to encourage favorable
perceptions among buyers, based solely on the price.
Customer base
Pre-existing and potential customers.
Target market
A group of customers with similar characteristics who currently purchase the product or may do so in the
future.
7Ps of the marketing mix
Product
price
promotion
people
physical evidence
place
process.
Product
A good or service that can be offered in exchange for the purpose of satisfying a need or want. Can be
intangible or tangible.
COMPLETE VERIFIED ANSWERS.
premium pricing
the practice of keeping the price of a product or service artificially high in order to encourage favorable
perceptions among buyers, based solely on the price.
Customer base
Pre-existing and potential customers.
Target market
A group of customers with similar characteristics who currently purchase the product or may do so in the
future.
7Ps of the marketing mix
Product
price
promotion
people
physical evidence
place
process.
Product
A good or service that can be offered in exchange for the purpose of satisfying a need or want. Can be
intangible or tangible.
