There Are at Least Eight Different Pricing Strategies for Established

question 128

Essay

There are at least eight different pricing strategies for established goods and services.Explain four of those strategies and why you'd use them.

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Definitions:

Direct Labor

The wages and benefits paid to workers who are directly involved in the production of goods or the provision of services.

Raw Material

The basic material from which a product is made, typically unprocessed or minimally processed.

Direct Labor Variances

The difference between the actual costs of direct labor and the standard or expected costs, used for budgeting and financial analysis.

Direct Labor Costs

The expenses related to the wages of employees who are directly involved in the production or manufacturing of goods. This is a specific type of direct cost.