What Tools Are Used by the Marketing Managers to Determine

question 116

Essay

What tools are used by the marketing managers to determine prices of products?

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Definitions:

Economy Of Scale

The cost advantage achieved by companies when production becomes efficient, as fixed costs are spread out over more units of output.

High Shrinkage

A term used in retail to describe a higher than normal reduction in inventory due to factors like theft, damage, or errors.

Prices

A term referring to the amount of money required to purchase a good or service; it is determined by factors such as demand, supply, and production costs.

Reasonable Product

A product considered to meet a satisfactory standard in terms of quality, functionality, and price.