Question

Enchanting Fragrances has recently introduced a range of perfumes that is priced very highly and still has a lot of demand from consumers who are loyal to this brand. According to this information, it can be inferred that the company is implementing the _____ pricing strategy.

Answer 1

Prestige Pricing Strategy

Step-by-step explanation:

The prestige pricing strategy is best when the company has a great amount of customers who feel honored to buy the company's product and this is because of the extra-ordinary product the company produces and gives the customer feeling of prior quality product. As a result, the company starts pricing higher prices due to differentiation of the product and increased brand recognition.