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When deciding the price of a product, it is crucial to consider factors such as production costs, competitor pricing, and perceived value to the customer. Understanding the target market and their willingness to pay can also influence pricing strategies. Additionally, external factors like market demand, economic conditions, and regulatory considerations should be taken into account to ensure the price aligns with overall business objectives. Balancing profitability with competitiveness is key to effective pricing.
What else can I help you with?
Which economic system decide what to sell and what price?
If the government is deciding which goods to sell and at what price, it is known as a command economy. If individuals are deciding, it is known as a market economy.
In presenting the idea of a demand curve economists presume that the most important variable in determining the quantity demanded is the price of the product itself or consumer income?
The price of the product itself.
Why is important to know the market price of a product?
It's important to know the market price of a product because then you know what the item is worth. Whether you are buying or selling, if you know the price of the item, you can avoid being cheated by overpaying for items and you can sell your item more easily if it's being sold at a competitive and fair price.
Explain why elasticity of demand is such an important concept to marketers who sell a commodity product?
Elasticity of demand is important to marketers because it helps them know the optimal price for the product. When a product is priced too high, the consumers may opt for a competitor's product.
What two important factors are involved in the deciding what and how much produce?
Supply and Demand. Basically if you supply too much, then the price will drop too low, if you don't supply enough than someone else will because the price will be really high.
How you would set about deciding what prices ti be charged on each garment at the end of season sale?
i will decrease the price of each product...
Why are the 4 PS important?
The 4 P's are important because: Product is important because of the consumer Price: if it s a bigger price than the product is the consumer won t buy it Place: It s good to know were to replace your product and price Promotion : To promote the product because it is the most consumer
Which economic system decide what to sell and what price?
If the government is deciding which goods to sell and at what price, it is known as a command economy. If individuals are deciding, it is known as a market economy.
In presenting the idea of a demand curve economists presume that the most important variable in determining the quantity demanded is the price of the product itself or consumer income?
The price of the product itself.
Why is important to know the market price of a product?
It's important to know the market price of a product because then you know what the item is worth. Whether you are buying or selling, if you know the price of the item, you can avoid being cheated by overpaying for items and you can sell your item more easily if it's being sold at a competitive and fair price.
Explain why elasticity of demand is such an important concept to marketers who sell a commodity product?
Elasticity of demand is important to marketers because it helps them know the optimal price for the product. When a product is priced too high, the consumers may opt for a competitor's product.
The most important customer skill is?
Responsibility while buying a product and ensure if the product suits the quality he / she required. Or it matches the price ( quality)
Why is packaging important?
Companies know that consumers judge a product by its package. But the image of a product is not the only consideration---the effects of packaging on the supply chain and accounting department should also be measured. Marketing departments weigh several aspects when deciding how to package a product.
Which element of the marketing mix is deciding to market your product on a web page?
a
In retail marketing why are the four P's so important?
The four P model summarises the customer focused elements involved with bringing a product to market, Product, Place, Price and Promotion. They are important because they force a company to adopt a customer orientated strategy, which has been shown to be a more sustainable approach than a product led company.productpricepromotionplaceThey are the following:ProductPricePlacePromotionit is product, price, place and promotionProductPriceDistributionPromotion
In retail marketing why are the four P's important?
The four P model summarises the customer focused elements involved with bringing a product to market, Product, Place, Price and Promotion. They are important because they force a company to adopt a customer orientated strategy, which has been shown to be a more sustainable approach than a product led company.productpricepromotionplaceThey are the following:ProductPricePlacePromotionit is product, price, place and promotionProductPriceDistributionPromotion
Policies on prices discounts credits and deliveries?
A price of a product is an important factor for a customer on his buying decision. A salesman must be aware of price changes, of course, for he is responsible for informing his customers about it. In addition, he may not earn his expected commission if he sells a product at its old price.
