The Pricing Model in Your Text, Has Six Distinct Steps

question 176

Multiple Choice

The pricing model in your text, has six distinct steps in the pricing process. Considering the following list of steps in setting prices: identify pricing objectives and constraints; estimate demand and revenue; determine cost, volume, and profit relationships; select an approximate price level; set the list or quoted price; and ________.

• A)scan competitors for price lines of similar products or services
• B)select the appropriate pricing formula
• C)test market the product or service to check for elasticity of demand
• D)make special adjustments to the list or quoted price

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Definitions:

Arrogant

Having or revealing an exaggerated sense of one's own importance or abilities.

Hidden Negative

Subtle undesirable qualities or aspects that are not immediately obvious.

Developed

Refers to something that has been brought to a more advanced, elaborate, or refined state.

Contains

To have or hold something within a particular space or environment, often used in the context of documents or databases holding information.