Estimating what price consumers are willing to pay for a product and if the firm can make a profit selling at that price, is an example of a production activity.

Question

Quizplus · Accepted Answer

Estimating what price consumers are willing to pay for a product is actually an example of a marketing activity, not a production activity. Production activities involve the creation and manufacturing of products, not the pricing and marketing of them.

Estimating What Price Consumers Are Willing to Pay for a Product