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Marketing question- Prices are often set to satisfy demand or to reflect the premium that consumers...

Marketing question- Prices are often set to satisfy demand or to reflect the premium that consumers are willing to pay for a product or service. Some critics shudder, however, at the thought of $2 bottles of water, $150 running shoes, and $500 concert tickets. Take a Position: Prices should reflect the value that consumers are willing to pay versus Prices should primarily just be based on the cost involved in making the product or service.
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