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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

List and explain the three kinds of pricing methods.

Summary Introduction

To determine: The three kinds of pricing methods.

Introduction: Price frames a vital constituent of the showcasing blend and is for the most part administered by the organizations pricing objectives, which is intelligent of the marketing, money related, product and vital objectives, alongside the consumer price desires, the current stock, the manufacturing facility and the related price elasticity.

Explanation

The three kinds of pricing methods are as follows:

  • Competition based pricing: In utilizing competition based pricing, an organization considers expenses and income optional to contenders' costs and may be underneath them, somewhat above them, or at a similar altitude.
  • Demand based pricing: A pricing method in view of the intensity of demand for the product...

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