Question

In the pricing of a product, marketers:

Options

• set price objectives, choose strategies and decide when to change prices

• focus only on production costs, ignoring demand

• only fix the price once and never review it

• delegate all pricing decisions to intermediaries

Answer 1

Pricing involves a structured decision process: marketers set price objectives, choose appropriate pricing strategies, and decide when prices should be changed. Since price strongly affects demand, these decisions are crucial.