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Pricing Schools Business

Features Pricing Schools Business

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Pricing Strategy Quiz

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Questions and Answers

What is the primary function of price in the marketing mix?

To communicate product features

To minimize costs

To generate revenue (correct)

To control distribution channels

What term is used to describe the prices set by organizations?

Interest

Tolls (correct)

Commission

Dividends

In price planning, what is the first crucial step?

Setting pricing objectives (correct)

Determining production costs

Identifying target market

Analyzing competition

What do firms have to consider while pricing products or services?

<p>Search costs, purchase and service/product encounter costs, post-purchase costs (C)</p> Signup and view all the answers

What broader objectives should pricing objectives support?

<p>Maximizing shareholder value and overall marketing objectives (A)</p> Signup and view all the answers

Study Notes

Price in the Marketing Mix

The primary function of price in the marketing mix is to generate revenue and profit.

Pricing Terminology

The term used to describe the prices set by organizations is "pricing policy".

Price Planning

The first crucial step in price planning is to define pricing objectives.

Pricing Considerations

Firms have to consider several factors while pricing products or services, including production and distribution costs, competitor prices, target audience's willingness to pay, and the product's or service's perceived value.

Broader Objectives

Pricing objectives should support broader business objectives, such as increasing market share, maximizing profits, or achieving social goals.

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Description

Test your knowledge of pricing strategy in marketing with this quiz on Chapter 9. Explore the concepts of price, value positioning, and the role of pricing in revenue generation. Perfect for students and professionals looking to enhance their understanding of pricing strategies in the marketing mix.