Discuss What Should Be Considered When Setting the Price for Your

question 42

Essay

Discuss what should be considered when setting the price for your product.

Understand the various ethical principles and their applications in the business context.

Distinguish between ethics and morality, and their relevance in personal and professional settings.

Recognize the impact of individual behavior and self-esteem on ethical decision-making.

Identify the role of formalized ethical guidelines and codes of ethics in organizations.

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Definitions:

Tall Organizations

Organizations with many hierarchical levels, resulting in a greater number of managers or supervisors and a longer chain of command.

Efficient Communication

The ability to transmit information in a way that is both effective and economical, using the least amount of resources or time.

Human Relations

The study and practice of creating positive, productive interactions and relationships among people.

Awards and Money

Acknowledgments or rewards, often in the form of trophies or cash, given to individuals or groups for their achievements or performance.