TB Figure: 1

question 300

Multiple Choice

TB Figure: 1
-TB Figure 1 shows there are six distinct steps in the pricing process: identify pricing constraints and objectives; estimate demand and revenue; estimate cost,volume,and profit relationships; select an appropriate price level; __________; and make special adjustments to list or quoted price.

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

---

Definitions:

Geographically Distributed

Pertaining to entities, individuals, or systems that are spread out across different geographic locations.

Social Comparison

Social comparison is the process by which individuals evaluate their own opinions and abilities by comparing themselves to others, to assess their worth or status.

Implicit Influence

Refers to the subtle or indirect impact that affects individuals' attitudes, beliefs, or behaviors without their conscious awareness.

Conversion Theory

A psychological theory suggesting that minority groups can influence the majority through consistency and confidence in their viewpoints.