Pricing Objectives Refers to

question 17

Multiple Choice

Pricing objectives refers to

• A)reconciling the prices charged by an organization to the values set forth in its business mission.
• B)taking specific steps to capitalize on an organization's internal strengths as they apply to price.
• C)specifying the role of price in an organization's marketing and strategic plans.
• D)taking specific steps to compensate for an organization's weaknesses as they apply to price.
• E)subjectively setting intrinsic values to all products and services offered by an organization.

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Definitions:

Market System

An economic system where the prices of goods and services are determined in a free price system set by supply and demand.

Allocates Resources

The process of distributing available resources among various competing needs and desires to achieve optimal efficiency and effectiveness.

Economic Freedom

The extent of liberty and choice individuals have in conducting their economic activities, including starting and running businesses, with minimal government intervention.

Invisible Hand

A metaphor describing the self-regulating behavior of the marketplace, where individuals' pursuit of self-interest results in benefits for society.