GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Pricing is?
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Pricing decisions dictate how much to charge for goods and service in order to make a profit
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Pricing decisions are based on costs and on what competitors charge for the same product or service
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Must also determine how much customers are willing to pay
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All of above
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Explanation:
Detailed explanation-1: -Definition: Price is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding and risk taking ability. A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others.
Detailed explanation-2: -the evaluation of something in terms of its price. (1) Predatory pricing by large supermarkets was threatening the livelihood of smaller businesses. (2) We spent Saturday morning pricing microwaves. (3) The company say they’re able to keep pricing competitive.
There is 1 question to complete.