When George and Arthurine Renfro decided to start a family business in 1990 and market chowchow,a southern regional food,they had to determine how they would price the chowchow by examining the demand for the product (would people rather eat home-made or store-bought),the cost of getting the jars for bottling the chowchow,and how much it would cost to distribute the product to area stores.In other words,the Renfros had to begin the development of their pricing strategy by:
A)identifying pricing constraints.
B)estimating break-even points and revenue points.
C)setting list price.
D)selecting an approximate price level.

Question

Quizplus · Accepted Answer

The Renfros needed to identify pricing constraints such as demand, production costs, and distribution costs to develop their pricing strategy.

When George and Arthurine Renfro Decided to Start a Family