U4L2 BW Intro

Front

What is the definition of price?

Back

The amount of money given by a buyer to a seller in exchange for goods or services

Front

How can a business determine the price for a product with multiple competitors?

Back

The price should be in line with competitors' prices

Front

What is the purpose of offering discounts and promotions?

Back

To attract customers and increase sales

Front

Why do online stores often list prices as 99 or 999 instead of rounding to the nearest whole number?

Back

To create the perception of a lower price

Front

What factors should be considered when determining the price of a product?

Back

Cost of production, demand, competition

Front

How can limited availability of a product affect its price?

Back

The price can be increased due to high demand

Front

Why is it important for businesses to understand their customers' needs?

Back

To create products and services that meet their needs