Former CEO of JCPenney, Ron Johnson, once said, ““The customer knows the right price for every product, so we are going to price things right from the start.”
JCPenney promised to price its merchandise so that “customers will not pay literally a penny more than the true value of the product.” (Chernev, 2012)
Explain whether or not you agree with this statement and why. Be sure to include at least one outside source. Also explain what kind of pricing strategy you believe fits JCPenney’s marketing strategy and why.