--%>

Illustrates the steps in formulating pricing policies

Illustrates the steps in formulating pricing policies in details?

E

Expert

Verified

1. Choosing the target market or market segment on that marketer would concentrate more.

2. Studying the consumer behavior and get information concerning to target market selected.

3. Studying the promotion and prices strategies of the competitors and their influence upon the market segment.

4. Assigning a task to price within the marketing mix.

5. Collecting the cost of manufacturing the product at different levels of demand.

6. Fixing appropriate (strategic) price after finding out the price objectives and as per to a chosen method of pricing.

   Related Questions in Managerial Economics

  • Q : Characteristics of a good policy what

    what is that policy that talks about not changing the policy frequently?

  • Q : Unexpected increases in national income

    A firm is probably to reduce the number of workers this employs when there are: (i) reductions in the wage rate. (ii) increases in the price of the output. (iii) accumulations of specific training from workers. (iv) technological advances which encourage automation. (

  • Q : Income and Substitution Effects When

    When the income effect of a higher wage rate is extremely powerful in that case the substitution effect, the: (1) supply curve of labor will be positively sloped. (2) demand for leisure increases like income rises. (3) human capital effect is stronger

  • Q : Attempt Screening and Signaling

    Screening and signaling are attempts to: (w) decreases job interview time. (x) decrease the problem of adverse selection. (y) uphold equal opportunity laws. (z) All of the above. I need a good answer on the topic o

  • Q : Diminish demand for labor A firm's

    A firm's demand for labor would decrease when the: (1) price of the output rose. (2) labor supply curve shifted outward. (3) price of capital rose. (4) wage rate rose. (5) productivity of all workers fell. I need a

  • Q : States the Scarcity Definition in

    States the Scarcity Definition in economics?

  • Q : Explain about perfectly price elastic

    I have a problem on perfectly price elastic supply curve that is given below: A perfectly price elastic supply curve is: (w) vertical. (x) horizontal. (y) positively sloped. (z) negatively sloped.

    Q : Labor-Leisure Trade-offs The relative

    The relative price of leisure rises while there are increases within the: (w) supply of labor. (x) wage rate. (y) cost of living. (z) marginal tax rate on income. Can someone explain/help me with best solution abou

  • Q : Which term not used to calculate

    The entire given can be used to calculate average profit except: w) marginal profit minus marginal cost. x) total profit divided by quantity. y) average revenue minus average total cost. z) price minus average total cost.

  • Q : External factors in governing prices

    What are the external factors in governing prices?