Asked by
edmira amado
on Dec 15, 2024
Verified
Which of the following statements about the price-setting process is most accurate?
A) When selecting a strategy for setting an initial price, it doesn't matter which one you use as long as you stick with it.
B) Sometimes pricing strategies overlap, and a seasoned marketer will consider several strategies when choosing an approximate price level.
C) Demand-oriented pricing approaches rely heavily on comparison with competitors' prices.
D) Skimming pricing is a competition-oriented pricing strategy.
E) Penetration pricing is the best pricing strategy for companies trying to meet the goals of a profit-oriented pricing approach.
Price-setting Process
The method by which a company determines the selling price of its products or services, considering costs, demand, competition, and profitability.
Pricing Strategies
Plans or methods employed by businesses to set, adjust, and present the prices of their products effectively to enhance sales and profitability.
Initial Price
The price at which a product or service is first offered for sale to the public.
- Distinguish between demand-oriented, cost-oriented, profit-oriented, and competition-oriented pricing approaches.
Verified Answer
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Learning Objectives
- Distinguish between demand-oriented, cost-oriented, profit-oriented, and competition-oriented pricing approaches.