Which of the Following Is the First Step in Setting

question 62

Multiple Choice

Which of the following is the first step in setting a final price for a product?

• A)set list or quoted price
• B)select an approximate price level
• C)scan competitors for prices of similar products or services
• D)determine cost,volume,and profit relationships
• E)identify pricing objectives and constraints

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Definitions:

Sets Aside

To put something away or to reserve it for a specific purpose or later use.

Acknowledgment Response

A reply or answer given in recognition of receiving something, often used in communication settings to confirm the receipt of a message.

Universally Understood

Refers to concepts, symbols, or messages that are recognized and interpreted the same way by people across different cultures or backgrounds.

Paraphrasing

the action of expressing the meaning of something written or spoken using different words, especially to achieve greater clarity.