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26-10-2022
Business

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what is the first step in the price-setting process? multiple choice define the pricing objectives analyze the competitive price environment evaluate demand choose a price determine the costs

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28-10-2022

Defining the pricing objectives is the first step in the price-setting process.

So, the correct option is A.

The six steps in the price-setting process are: (1) creating pricing objectives; (2) gauging how the target market perceives price; (3) gauging prices of rivals; (4) identifying a foundation for pricing; (5) adopting a pricing strategy; and (6) deciding on a specific price.

When creating a price plan, you must first consider covering your costs, and only then should you think about making a profit. A price-setting mechanism is a method through which the market determines the price of a good (or the relationship between the prices of different goods). Price is primarily influenced by the relationship between pricing behavior and the underlying physical activity.

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