Question

When Toyota introduced its Scion line of cars, the lowest-price model was listed for $15,000 while the highest-priced model was listed for $21,000, with two other list prices in between. Each price point represented distinct differences in the features and quality of the cars. Toyota used a ________ pricing approach.

Answer 1

Toyota used the price lining approach of pricing

Step-by-step explanation:

Price lining is also known as the product line pricing which is a process of marketing, wherein the products or the services within a particular group are set at the different points of the price.

So, the company used the approach of price lining where they have the highest price as well as the lowest price list.