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What should be considered while setting the right price?

Answer and explanation

Correct answer: Cost, customer ability, and market condition

Pricing should cover relevant costs, remain acceptable to the target customer, and fit competition and market conditions. The business may also consider value and objectives, but seller preference alone is insufficient. Colour, size, or friends’ opinions may provide limited information, yet they cannot independently determine a suitable price.

Related tags

PricingCostMarketEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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