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Understanding Price Strategies Flashcards | StudBud
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Understanding Price Strategies
Understanding Price Strategies
8 terms
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StudBud Administration
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305 plays
Introduction to pricing strategies for Entrepreneurship class.
Flashcards
8 cards
F
Practice quiz
P
Host live
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Questions
8
Answers
1
My business will have fixed costs.
True
False
2
Which pricing policy is best for your sales team?
My sales team can be flexible on price -anything for a sale!
My sales team must hold to one price - no exceptions!
3
What price strategy is best for your product?
Price product as high as the market will allow
Consider costs and profit margin before selecting a price
Price product in-line with competition
4
My product is a prestige item.
True
False
5
My business will have variable costs.
False
True
6
What is your #1 concern?
Pricing the product just right
Getting the information out about my product
Choosing the right product and design
Delivering the product to my customers
7
What are your pricing objectives?
Social/Ethical Considerations
Return on Investment / Profit
Establishing an Image
Market Share
8
Demand for my product is VERY sensitive to a SMALL change in price.
True
False
