In Setting the "Price" for Their Products or Services, Firms

question 84

Essay

In setting the "price" for their products or services, firms must stop and pause to reflect on the many factors affecting its pricing policy. List these six factors and briefly the subsequent components of each one of them.

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Definitions:

Public Relations Practitioner

A professional responsible for managing and influencing public perception and maintaining relationships between an organization and its publics.

Goodwill

The intangible asset that arises as a result of the acquisition of one company by another for a premium value, representing the reputation, brand, and other non-tangible assets.

Online Expansion

The process of growing a business's or organization's presence, services, or products through digital platforms and the internet.

Community

A group of people living in the same place or having a particular characteristic in common, or a feeling of fellowship with others due to shared attitudes, interests, and goals.