The first step in setting a base price for a product is
A) estimate demand and revenue.
B) determine cost, volume and profit relationships for different price points.
C) analyze competitors' prices, offers and value propositions.
D) set pricing objectives.

Question

Quizplus · Accepted Answer

Setting pricing objectives is the first step in the process of setting a base price for a product. This involves defining what the company wants to achieve with its pricing strategy, such as maximizing profit, increasing market share, or achieving a target return on investment.

The First Step in Setting a Base Price for a Product