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.
E)determining profit relationships.

Question

Quizplus · Accepted Answer

The Renfros had to analyze factors that would influence their pricing strategy. By examining demand, cost and distribution constraints, they were identifying pricing constraints that could impact their decision-making process.

When George and Arthurine Renfro Decided to Start a Family