What does pricing mean?
Answer and explanation
Correct answer: Deciding the price of a product or service
Pricing is the business decision of setting the amount customers will pay for a product or service. It may consider production or purchase cost, desired margin, customer value, demand, competition, and business objectives. Price should be analysed rather than chosen randomly; shop colour or employee names are unrelated to pricing.
Frequently asked questions
What is the correct answer to this question?
Deciding the price of a product or service
Why is this the correct answer?
Pricing is the business decision of setting the amount customers will pay for a product or service. It may consider production or purchase cost, desired margin, customer value, demand, competition, and business objectives. Price should be analysed rather than chosen randomly; shop colour or employee names are unrelated to pricing.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Business, Trade and Commerce.
