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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

Give an advantage and a disadvantage for each method.

Summary Introduction

To determine: The advantages and disadvantages of each 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 advantages and disadvantages of each pricing methods are as follows:

  • Competition based pricing: It can assist by increasing sales or market share yet restrains the organization to whatever the opposition is doing.
  • Demand based pricing: It enables the firm to utilize in excess of one cost in the marketing of a particular item, yet its viability relies upon the organization's capacity to assess demand precisely...

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