When Setting the Price of a Product or Service, What

question 68

Multiple Choice

When setting the price of a product or service, what must the price equal?

• A) that of your competitors
• B) the perceived value to target customers
• C) the cost of your product plus a markup
• D) the amount of money consumers can afford

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Definitions:

Conforms

To act in accordance or harmony with established rules, standards, or patterns.

Efficient

Being effective without wasting time, effort, or resources.

Complicated

Something that is complex, not simple, involving many different and connected parts.

Buzzwords

Trendy words or phrases that are used to impress or persuade, often without clear meaning.