Textbook Notes (367,752)
Canada (161,368)
MGTA02H3 (363)
Chapter 7

Chapter 7- The 4 Ps-Price

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Management (MGT)
Bill Mc Conkey

Chapter 7 The 4 Ps PricePrice influences consumer demand for a product and company profitabilityConsumers want products that satisfy their needs and want them to be available in the right place and at the lowest prices1 Identify the various pricing objectives that govern pricing decisions and describe the pricesetting tools used in making these decisionsPRICING OBEJECTIVES AND TOOLSPricing deciding what the company will receive in exchange for its productPricing to Meet Business ObjectivesPricing objectives goals that producers hope to get in pricing products for salePricing decisions are influenced by the need to survive in the marketplace by social and ethical concerns and corporate imageProfit Maximizing ObjectivesIf prices are too low the company will sell many units of its products but may miss the opportunity to make additional profit on each unit and may lose money on each exchangeIf prices are too high the company will make a large profit on each item b
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