Question

Question Number 1) A key element of Smashburger’s pricing strategy is determining price steps between its quarter- pound, one-third pound, and half-pound hamburgers. The practice of setting prices for different products offered by a company within a single category is known as __________.

Answer 1

A. Product pricing Line

Step-by-step explanation:

Product pricing line is the grouping of a particular good and/or services into categories aimed at creating various quality levels in the mind of consumers. It involves setting prices for multiple products that a company offers in relation with another one. They prices of the product set are on product who are clearly related because they function in a similar manner and are sold to the same market target through the same marketing channel or outlets. In this case, the product line is hamburgers and the products are different sizes of hamburgers which are given their own specific prices each.