WorksheetsDECA Pricing Review
Total questions: 6
Worksheet time: 3mins
Competition prices are
Prices being charged by the competition that must be taken into account by a business so that its product can be competitive on the market.
The expenses a business pays to do research on their competitors
The average price a business' competitors pay to produce their products
The price a business' competitors charge for marketing and advertising.
What is pricing?
The amount of money a business spends to manufacture and transfer their product through different supply channels.
The amount of money a business charges consumers for their product, which is determined by the value the consumer will receive from the product.
The amount of money that a manufacturer pays to have a retail store display their product.
A business' annual revenue
Why is the pricing function important?
It directly impacts the financial success of a company
The price of a good or service can affect brand image, market share, and profits
To earn a return on investment (ROI), gain market share, and face competition
All of the above
Price fixing is ______
When competitors agree to sell their product at a certain price
When a business updates a product from an originally incorrectly marked price
When different customers are charged different prices for the same product
Selling a product for the lowest possible price
What is price discrimination?
When different customers are charged different prices for the same product
When a business refuses to sell a product for less than 15% profit
When competitors agree to sell their product at a certain price
When low supply leads to an increase in demand
Low supply ____ demand
Increases
Decreases
Does not affect
Deflates
