TB Figure: 1
-TB Figure 1 shows there are six distinct steps in the pricing process.Considering the following list of steps in setting price: estimate demand and revenue; estimate cost,volume,and profit relationships; select an approximate price level; set list or quoted price; and make special adjustments to list or quoted price.Which of the following steps is missing from this list?
A)raise initial capital
B)identify pricing constraints and objectives
C)scan competitors for price lines for similar products or services
D)select the appropriate pricing formula

Question

TB Figure: 1 
-TB Figure 1 shows there are six distinct steps in the pricing process.Considering the following list of steps in setting price: estimate demand and revenue; estimate cost,volume,and profit relationships; select an approximate price level; set list or quoted price; and make special adjustments to list or quoted price.Which of the following steps is missing from this list?
A)raise initial capital 
B)identify pricing constraints and objectives 
C)scan competitors for price lines for similar products or services 
D)select the appropriate pricing formula

Quizplus · Accepted Answer

Identifying pricing constraints and objectives is an important step in the pricing process that is missing from the given list. This step involves considering factors such as the company's overall strategy, customer preferences and willingness to pay, legal and ethical considerations, and desired profit margins.