Pricing concept
Review what you learned in Lesson 9 about price including content from your textbook and online course material. Note: Be sure to incorporate insights you gained from the Practice Marketing demo - Price. You are also encouraged to conduct independent research to enrich your own learning. Please remember to cite your work properly.
- Define price.
- Identify and distinguish the different pricing approaches.
- Describe the specific pricing policies that firms can use to reach the objectives.
- Explain the concepts of supply and demand and elasticity.
- Explain the role of costs in pricing decisions and describe how combinations of price, fixed cost, and unit variable cost affect a firm's break-even point.