Bob's tropical fish store is a great place to find rare fish. bob's tropical fish store has a very motivated sales staff and a unique way of selling to their customers. when customers walk into the store they are immediately greeted, and the salesperson is there to answer any questions. no prices are marked on the tanks, so each customer has to ask for a quote. in response, 100% of the time, the sales associate says, "oh, that fish is worth $65, but we'll give you the special price of $45!" bob's tropical fish store is trying to establish

Question

Business

Everett Oconnell

11 July, 22:30

Bob's tropical fish store is a great place to find rare fish. bob's tropical fish store has a very motivated sales staff and a unique way of selling to their customers. when customers walk into the store they are immediately greeted, and the salesperson is there to answer any questions. no prices are marked on the tanks, so each customer has to ask for a quote. in response, 100% of the time, the sales associate says, "oh, that fish is worth $65, but we'll give you the special price of $45!" bob's tropical fish store is trying to establish

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Kendall Wang · Answer 1

B. External reference price

In "external reference price", sellers price items by comparing the prices to those found outside of this shopping situation.

External reference prices are usually set up with the format "compare to $ ...".

Bob’s Tropical Fish Store is referencing external reference price of $65, and comparing it to its lower price of $45.