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Explanation;
A marketing pricing method that is not only used to products initial price but also determine whether production is viable since this method begins By first using research to determine what customers are wiling to pay and this working backwards.
E.g
The company of Amway used the backward pricing.
Pricing in which prices are set by determining what consumers are willing to pay ; then , costs are deducted to see if the profit margin is adequate demand backward pricing.
Backward pricing method in which costs are deducted from what consumers are willing to pay, to see if an adequate profit margin is possible.
Method in which costs are deducted from what consumers are willing to pay, to see if an adequate profit margin is possible.
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