After selecting a pricing strategy, what is the next step in the establishment of prices?
A) Developing pricing objectives
B) Determining a specific price
C) Assessing the target market's evaluation of price
D) Selecting a basis for pricing
E) Evaluating competitors' prices

Question

Quizplus · Accepted Answer

After selecting a pricing strategy, the next step is to determine a specific price for the product or service. This involves taking into consideration various factors such as costs, profit margins, target market, and competitors' prices. Developing pricing objectives, assessing the target market's evaluation of price, selecting a basis for pricing, and evaluating competitors' prices all come before selecting a pricing strategy.

After Selecting a Pricing Strategy, What Is the Next Step