The first step in the procedure of setting the price is to _________?
Correct answer: D. select pricing objective
- A. analyzing prices of competitor's
- B. estimating costs
- C. determining demand
- D. select pricing objective
Explanation
Pricing begins by selecting the pricing objective, such as profit maximisation, market share growth, or survival. Demand, costs, and competitors are analysed afterward to choose a price consistent with that objective.
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