Biology, 05.05.2020 21:44 jacobdesalvo9890

3. INTERPRET: Read and interpret the following statement: Prices also allow producers to target the audience they want with the products that will sell best to that audience.

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Answer from: anna8352

Before settling on the final pricing of any product, a producer must consider whether the price of the product is suitable with the economic status of the customer that they aim to attract.

Explanation:

The amount of money charged for a product or service is known as the price. The sum of all values (such as money, time, energy, and emotional cost) that consumers exchange for the advantages of owning or utilizing a good or service is known as pricing.Competition, suppliers, the availability of substitute products, the target market, and other considerations are all taken into account when developing a pricing strategy.If the target audience is from a lower socioeconomic class, the manufacturers must produce items using lower-cost factors ( labour, materials, etc.) to assure a final price that is affordable to the socioeconomic class.If the target audience is from a higher socioeconomic level, the product may be more expensive, utilizing expensive factors that enables the final price to be higher.

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Answer from: erinkiing

The phrase indicates that in order to decide the final price of the product, producers must keep in mind whether that price is compatible with the economic situation of the consumer they wish to attract.

Explanation:

When producers establish a strategy for producing and selling a product, they must take into account the economic condition of the consumers they wish to attract.

If the intention is to attract consumers from lower economic classes, producers must establish the production of their products with cheaper factors that guarantee that this product has a final price compatible with the economic class of its consumers. However, if the target consumer belongs to higher economic classes, production may use more expensive factors, which allow the product to have a higher final price.

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3. INTERPRET: Read and interpret the following statement: Prices also allow producers to target the...