ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When companies set prices, the government and social concerns are two ____ affecting pricing decisions.
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external factors
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internal factors
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economic conditions
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demand curves
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temporary influences
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Explanation:
Detailed explanation-1: -The laws of supply and demand should always come into play when setting your pricing. If a product is in high demand, particularly if demand exceeds supply, then the market can bear a higher price. Conversely, if demand dwindles, consumers will not be willing to pay higher prices.
Detailed explanation-2: -Therefore, from the above explanation, consumer behavior for a given product is not an internal factor in pricing decisions.
Detailed explanation-3: -Product Cost. The Utility and Demand. The extent of Competition in the market. Government and Legal Regulations. Pricing Objectives. Marketing Methods used.
There is 1 question to complete.