Assignment
A. Describe the two parties in a commercial exchange and what is given and received by each party.
B. In a business organization, describe how what a manager is referring to when speaking of "prices" differs from what a manager is referring to when speaking of "costs."
C. What is a medium of exchange? What is most commonly used in our society as a medium of exchange?
D. What are the four categories of marketing activities, usually referred to as the marketing mix? In what important way does pricing differ from the other three categories?
E. What is the marketing concept? How can pricing activities be guided by the marketing concept?
F. What is the difference between price setting and pricing policy? 7. Give an example of how different numbers could be used to express what would be substantially the same price.
G. What is price segmentation? Why might a seller want to engage in price segmentation?
H. What is the fixed-price policy? What do customers like about this pricing policy?
I. Describe some benefits of coordinating pricing activities with the other functions of a business organization.
J. Why might the study of pricing be relevant to a student who does not plan to ever set prices within a business organization?