 | Learning Objectives
(See related pages)
- The economist’s approach to price determination
- The differences between full cost and direct cost pricing
- An understanding of going-rate pricing and competitive bidding
- The advantages of marketing-orientated pricing over cost- orientated and competitor-orientated pricing methods
- The factors which affect price setting when using a marketing-orientated approach
- When and how to initiate price increases and cuts
- When and when not to follow competitor-initiated price increases and cuts; when to follow quickly and when to follow slowly
- Ethical issues in pricing
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