Figure 13-2 above represents the six steps in the price-setting process."A" represents the step at which a firm would
A)raise initial capital.
B)identify pricing objectives and constraints.
C)scan competitors for prices of similar products or services.
D)select the appropriate pricing formula.
E)establish the price range.

Question

Quizplus · Accepted Answer

Step "B" represents the identification of pricing objectives and constraints, which is an important step in the price-setting process. The other steps are represented by different letters, such as competitors scanning at step "C," price range establishment at step "E," and so on.

Figure 13-2 Above Represents the Six Steps in the Price-Setting