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Questions and Answers
Which term refers to the amount of money that you charge for your products?
Which term refers to the amount of money that you charge for your products?
- Production
- Distribution
- Marketing
- Pricing (correct)
What does pricing determine?
What does pricing determine?
- The quality of the product
- The cost of production
- The amount of money charged for products (correct)
- The target market
Why is pricing important for a business?
Why is pricing important for a business?
- To improve product quality
- To reduce costs
- To increase production efficiency
- To attract customers (correct)
Which strategy is combined with the 4P strategy to determine a competitive price for a product or service?
Which strategy is combined with the 4P strategy to determine a competitive price for a product or service?
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What factors are considered when developing a pricing strategy?
What factors are considered when developing a pricing strategy?
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What is the purpose of a pricing strategy?
What is the purpose of a pricing strategy?
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