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Questions and Answers
What is the definition of price?
What is the definition of price?
- The amount of profit made from selling a product
- The value of a product or service
- The cost of manufacturing a product
- The money paid for a product or service (correct)
What are the three main pricing strategies?
What are the three main pricing strategies?
- Good value, value-added, and cost-based (correct)
- Fixed, variable, and dynamic
- High value, low cost, and premium
- Discount, premium, and markup
What are some factors that can influence pricing decisions?
What are some factors that can influence pricing decisions?
- Employee salaries and benefits
- Market shape, competition, and demand (correct)
- Product quality and features
- Market share and customer loyalty
What is break-even analysis and how can it help determine pricing?
What is break-even analysis and how can it help determine pricing?
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How can researching competitors and market offerings inform pricing decisions?
How can researching competitors and market offerings inform pricing decisions?
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Study Notes
- Pricing is an important aspect of marketing strategy and can affect market share and attracting new customers.
- Market shape, competition, and demand can influence pricing decisions.
- Company size and policies can also affect pricing decisions.
- External factors such as economic conditions and government influence can impact pricing decisions.
- Price is the money paid for a product or service and is determined by perceived value and costs.
- There are three main pricing strategies: good value, value-added, and cost-based.
- Pricing is influenced by product manufacturing, distribution, and sales costs.
- Break-even analysis and target profit pricing can help determine pricing.
- Researching competitors and market offerings can inform pricing decisions.
- Pricing is a flexible element of the marketing mix and can improve competitiveness.
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