Setting a Market Price for a Product or Product Class

question 207

Multiple Choice

Setting a market price for a product or product class based on a subjective feel for the competitors' price or market price as the benchmark is referred to as

• A) customary pricing.
• B) above-, at-, or below-market pricing.
• C) standard markup pricing.
• D) competitive margin pricing.
• E) experience-curve pricing.

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Definitions:

Equal To Standard

Equal to standard implies that a process, product, or performance measures up to established benchmarks or criteria of quality and efficiency.

Planning

The process of setting objectives and determining how to accomplish them.

Control Process

The systematic effort within an organization to guide activities towards meeting goals and objectives, typically involving establishment, monitoring, and adjusting of standards.

Performance Objectives

Specific goals and targets set for employees or departments to achieve, linked to the overall strategic objectives of an organization.