What does pricing mean in business?
Answer and explanation
Correct answer: Deciding the selling price of a product or service
Pricing is the process of deciding the amount a customer will pay for a product or service. A business may consider cost, demand, competition, customer value, and desired profit while making this decision. Packaging, distribution, and promotion support marketing but are separate activities from setting the selling price.
Frequently asked questions
What is the correct answer to this question?
Deciding the selling price of a product or service
Why is this the correct answer?
Pricing is the process of deciding the amount a customer will pay for a product or service. A business may consider cost, demand, competition, customer value, and desired profit while making this decision. Packaging, distribution, and promotion support marketing but are separate activities from setting the selling price.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Internal Trade. Topic: Retail Trade.
