MKTG 9:STUDENT ED.-TEXT
9th Edition
ISBN: 9781285860145
Author: Lamb
Publisher: CENGAGE L
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Question
Chapter 21, Problem 1LO
Summary Introduction
To discuss: The procedure that are used to set the correct price.
The strategy used by the companies to set the price of their products and services is known as the pricing strategy.
Expert Solution & Answer
Explanation of Solution
The major steps that are involved in setting the right price are as follows:
- The pricing goals has to be established
- Estimations of the costs, demands, and profits has to be done.
- Selecting the price policy in order to find the base price.
- The base price has to be finely tuned along with the tactics in pricing.
The long-term pricing strategy framework has been established for a service or good. The three major types of price policies are skimming, status quo pricing, and penetration pricing.
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Chapter 21 Solutions
MKTG 9:STUDENT ED.-TEXT
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