Asked by Ashley Minaya on Jun 01, 2024
Verified
What are the six major steps involved in setting prices?
Setting Prices
The process of determining the monetary value at which a product or service will be offered to consumers.
Major Steps
outlines the crucial stages or key milestones in a process, plan, or project that need to be accomplished to achieve a particular goal.
- Understand the process for establishing pricing.
Verified Answer
KJ
Klavern JohnsonJun 07, 2024
Final Answer :
The six major steps involved in setting prices are (1) identify pricing objectives and constraints; (2) estimate demand and revenue; (3) determine cost, volume, and profit relationships; (4) select an approximate price level; (5) set list or quoted price; and (6) make special adjustments to list or quoted price. See Figure 14-1.
Learning Objectives
- Understand the process for establishing pricing.
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