Asked by Taylor Wenzel on Apr 28, 2024
Verified
In the price-setting process, the next step after demand has been evaluated is to
A) analyze the competitive price environment.
B) define the pricing objectives.
C) choose a price.
D) determine the costs.
E) evaluate the alternatives.
Competitive Price Environment
A market situation where multiple sellers attempt to attract customers by keeping their prices competitively low.
Pricing Objectives
are the goals that guide how a business sets the prices of its products or services, with considerations for maximizing profits, capturing market share, or achieving other strategic aims.
- Explain the methodology behind determining prices and the elements that affect pricing choices.
Verified Answer
SR
Sofia RamirezMay 01, 2024
Final Answer :
B
Explanation :
Defining the pricing objectives is crucial after evaluating demand as it helps in setting the direction for the subsequent steps in the price-setting process, including analyzing costs, competition, and choosing a price.
Learning Objectives
- Explain the methodology behind determining prices and the elements that affect pricing choices.
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