BUISENESS MANAGEMENT
MARKETING
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How much the business can charge for its product
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Product
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Promotion
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Price
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Place
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Explanation:
Detailed explanation-1: -Instead of basing prices on what the customer is willing to pay, businesses set prices by determining the cost of production and their ideal profit margin. For example, if a product costs $100 to make and a company’s target margin is 15%, then the product will sell for $115.
Detailed explanation-2: -Cost price is the total amount of money that it costs a manufacturer to produce a given product or provide a given service.
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