ENG_Hoofstuk 10FIN - Chapter 10 Pricing Concepts and...

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Unformatted text preview: Chapter 10 Pricing Concepts and strategies Learning Outcomes • 1. Define the concept price. • 2. Explain the importance of price. • 3. Explain the entire price setting process. • 4. Distinguish between the different pricing objectives. • 5. Explain the price elasticity of demand by using examples. • 6. Explain the costs to estimate during the price setting process. • 7. Discuss what the evaluation of competitor prices entails. • 8. Suggest different pricing strategies. • 9. Suggest appropriate pricing tactics to implement to determine product prices. IMPORTANCE OF PRICE IMPORTANCE OF PRICE PRICE: PRICE: The amount of money paid The amount of money paid by a consumer to a seller in by a consumer to a seller in exchange for a product or exchange for a product or services. services. Monetary costs: Monetary costs: Money that consumers actually pay Non-monetary costs: Non-monetary costs: Opportunity costs – the value of something given up for something else IMPORTANCE OF PRICE IMPORTANCE OF PRICE •...
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This note was uploaded on 06/02/2011 for the course ECON 231 taught by Professor Anon during the Spring '11 term at Rotterdam Business School.

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ENG_Hoofstuk 10FIN - Chapter 10 Pricing Concepts and...

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