Several factors affect the attractiveness of a product or service to customers.

Several factors affect the attractiveness of a product or service to customers. One factor is the firm’s competitive advantage—a concept discussed in Module 2. If consumers perceive the product or service as an important solution to their unsatisfied needs, they are likely to demand more of it. Companies want prospective buyers to see their products as special. A pricing tactic that often reflects a competitive advantage is prestige pricing.
Answer the following questions in ESSAY format with a separate paragraph for each question (in other words, please do not copy/paste questions and provide just answers; points will be deducted). Please use proper MLA formatting and citation (if needed).
Research and explain how prestige pricing works.
Is a strong brand image is typically associated with prestige pricing? Why or why not?
How does the concept of elasticity of demand relate to prestige pricing?
Research online and give an example of a product or service that uses prestige pricing.