Final answer:
Salespeople should explain the product's value and benefits in response to price objections instead of immediately lowering the price. When entering a monopolist's market, consider possible aggressive responses. Pricing changes can impact customer perception of quality.
Step-by-step explanation:
When faced with a buyer's price objection, salespeople should B) Explain the value and benefits of the product or service to justify the price. It is essential to communicate the quality, features, and unique selling points that support the product's cost. Immediately lowering the price may not always be the best solution, as it may undermine the product's perceived value.
With regard to entering a market with a monopolist, one should consider the potential responses of the monopolist such as price undercutting, improving their product, or even engaging in anti-competitive practices that could block market entry. Additionally, understanding market dynamics and consumer perception is crucial because alterations in pricing can imply changes in quality to the consumer, potentially affecting demand.