While Setting Up an Initial Price Structure for a Product,a

question 74

Multiple Choice

While setting up an initial price structure for a product,a marketer should primarily:

• A)discount environmental and external factors.
• B)consider the recommended price to final consumers.
• C)overlook the number of products sold by competitors.
• D)de-emphasize profit potential.

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Definitions:

Process Map

A visual representation of the steps involved in a process, showing how tasks are connected and flow from one to the next.

Target Costing

A pricing strategy in which the selling price of a product is determined first, and then the manufacturing cost is managed to meet the desired profit margin.

Value Engineering

A systematic method to improve the "value" of goods or products and services by using an examination of function.

Target Price

The price at which an investor aims to buy or sell a stock based on future price predictions.