Figure 13-2 Above Represents the Six Steps in Setting Price

question 32

Multiple Choice

Figure 13-2 above represents the six steps in setting price."F" represents the step at which a firm would

• A)set list or quoted price.
• B)select an approximate price level.
• C)scan competitors for prices of similar products or services
• D)make special adjustments to list or quoted price.
• E)establish the price range.

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Definitions:

Productivity

Productivity refers to the efficiency of production of goods or services, often measured by the output per unit of input.

MRP II

Manufacturing Resource Planning, an integrated method of operational and financial planning for manufacturing companies, expanding on Material Requirements Planning (MRP).

MRP

Material Requirements Planning, a system for calculating the materials and components needed to manufacture a product.

ERP

A kind of software known as Enterprise Resource Planning is employed by organizations to oversee routine business functions like accounting, procurement, project management, and manufacturing.