What is the definition of price?
Pricing Strategy

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Other
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9th - 12th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
The amount of money given by a buyer to a seller in exchange for goods or services
2.
FLASHCARD QUESTION
Front
What are the components of the marketing mix?
Back
Product, price, place, promotion
3.
FLASHCARD QUESTION
Front
How can a business determine the most effective pricing strategy?
Back
By identifying the company's pricing position, pricing segment, pricing capability, and competitive pricing reaction strategy
4.
FLASHCARD QUESTION
Front
Why is it important for a business to have a detailed knowledge of pricing techniques?
Back
To avoid losses and ensure profitability
5.
FLASHCARD QUESTION
Front
How can a business determine the price for a product with multiple competitors?
Back
The price should be in line with competitors' prices
6.
FLASHCARD QUESTION
Front
What is the purpose of offering discounts and promotions?
Back
To attract customers and increase sales
7.
FLASHCARD QUESTION
Front
Why do online stores often list prices as 99 or 999 instead of rounding to the nearest whole number?
Back
To create the perception of a lower price
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