BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When a company sets a price for a product, which of the following are considered?
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Consumer perception and supply & demand
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Cost of raw materials, supply & demand, competitor’s price, consumer perception
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Supply & Demand and Competitor’s Price
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Cost of raw materials and consumer perception
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Explanation:
Detailed explanation-1: -Direct material costs are the costs of raw materials or parts that go directly into producing products.
Detailed explanation-2: -What do we mean when we say raw material cost? The cost of raw material refers to the amount necessary to buy the resources used by businesses to produce a product or even service. In many cases, the cost of raw materials guides businesses in establishing the final price of the item that they intend to sell.
Detailed explanation-3: -Raw Materials inventory includes all the direct and indirect materials purchased but not yet used in the manufacturing or production process.
There is 1 question to complete.