What Factors Do Retailers Need to Consider to Set Prices

question 34

Essay

What factors do retailers need to consider to set prices to maximize long-term profits?

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Definitions:

Stage of Life

Phases through which an individual passes during their lifetime, each with specific and unique challenges and milestones.

Needs

Needs are essential requirements or desires that drive behavior and motivate actions to achieve satisfaction or fulfillment.

Consciousness

The state or quality of awareness of an individual's thoughts, feelings, sensations, and surroundings; a fundamental aspect of human experience.

Unconsciousness

A state where an individual is unaware of their surroundings and unable to respond to stimuli, also refers to the part of the mind that contains thoughts and memories not presently in conscious awareness.