Patricia and D'Wayne were working on pricing their line of handcrafted office furniture.D'Wayne said,"I think we've got all the main components that affect us and our products,but let's go over the list once again.We've got the stores that will carry our products,our firm's objectives,how customers will respond,and the costs." Which of the following is missing from Patricia and D'Wayne's list of the components?
A) The message and media for the advertising campaign.
B) The competition's pricing strategies.
C) The designs for products that haven't yet been manufactured.
D) The number of new employees they'll need if the products take off.
E) Whether or not their suppliers use sustainable raw materials.

Question

Quizplus · Accepted Answer

The competition's pricing strategies are missing from the list of components. Knowing the competition's pricing strategies is crucial in pricing their own handcrafted office furniture competitively. The other choices, such as the message and media for the advertising campaign, designs for products that haven't been manufactured, the number of new employees needed, and the sustainability of raw materials, may be important but are not directly related to pricing their products.

Patricia and D'Wayne Were Working on Pricing Their Line of Handcrafted