GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Not worth worrying about until you generate a lot of customers
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Determined by the consumer.
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The pricing policies or methods used by a business when deciding what to charge for its products
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none of the above
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Detailed explanation-1: -A pricing strategy is the process and methodology used to determine prices for products and services. As we’ll explore in this article, different pricing strategies work for different products and business models. The right pricing strategy can enable several things for a business: Convey value to customers.
Detailed explanation-2: -Pricing strategies are the methods and procedures companies employ to determine the rates they charge for their goods and services. Pricing is the amount you charge for your items; pricing strategy is how you calculate that number. Pricing strategy can encompass anything from: The state of the market.
Detailed explanation-3: -Pricing strategy refers to method companies use to price their products or services. Almost all companies, large or small, base the price of their products and services on production, labor and advertising expenses and then add on a certain percentage so they can make a profit.
Detailed explanation-4: -2. Competitive pricing. “If I’m selling a product that’s similar to others, like peanut butter or shampoo, ‘’ says Dolansky, “part of my job is making sure I know what the competitors are doing, price-wise, and making any necessary adjustments.” That’s competitive pricing strategy in a nutshell.
Detailed explanation-5: -Demand based pricing: it is of two types; a) Skimming pricing: it means skim the market initially with high price and high profit, later settle down for the lower price. It means skim the cream initially from the market. b) Penetration pricing: it seeks to achieve high sale with low price.