Answered: Not surprisingly in this context, many…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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3.Not surprisingly in this context, many businesses are struggling with pricing. As there are many, both quantitative and qualitative, factors to account for in determining price, businesses find it hard to navigate the pricing jungle. Few managers are aware of how to make strategic pricing decisions even though it is an important part of the strategic management of the business. One common mistake is to stare blindly at market share, while neglecting the maximization of profits. Therefore, pricing decision is one of the very crucial concern for the managers. What are the factors would you consider to set a price for food and beverage industry? Elaborate any FIVE (5) points.

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