15.1 - Pricing Function

What are the key factors involved in setting prices?

• Covering costs and generating desired profits

• Meeting customer willingness to pay

• Maximizing market share

• Minimizing competition

What is price defined as in the context of a product?

• Amount of money requested or exchanged for a product

• Weight of the product

• Color of the product

• Size of the product

The setting of prices typically follows a four-step pricing ___.

Decisions about product, place, and promotion influence ___ decisions.

Product, place, and promotion decisions are difficult to change, but pricing can be easily adjusted. Pricing can be easily ___

What is the main goal of marketing in relation to pricing?

• Increasing customer satisfaction

• Maximizing sales and profits

• Reducing production costs

• Expanding market reach