A popular product priced low to attract a larger number of buyers to a shop is called

Assessment: WAEC SSCE - Commerce - 2007 (Objective) Subject: Commerce

Question 1 Report

A popular product priced low to attract a larger number of buyers to a shop is called
Answer Details
The popular product priced low to attract a larger number of buyers to a shop is called a "loss leader". A loss leader is a marketing strategy where a product is sold at a price lower than its market cost to attract customers to the store. The intention behind selling a product below market price is to attract customers who will also buy other items with a higher profit margin, making up for the loss incurred from the sale of the "loss leader" product. The purpose is to encourage customers to purchase other items as well, making the store more profitable.
Read lesson note on Purchase And Sale Of Goods (JAMB)
Read lesson note on Commerce (JAMB)
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