When establishing prices, a marketer's first step is to

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Developing pricing objectives should be the marketer's first step when establishing prices as it helps in setting clear goals and purposes for pricing decisions. Pricing objectives can aid in determining the ideal price point for a product, such as maximizing profits or increasing market share. Once pricing objectives have been established, the marketer can then move on to selecting a pricing policy, evaluating competitors' prices, and determining a pricing method. However, understanding the demand for the product comes later in the process.

When Establishing Prices, a Marketer's First Step Is to