What is pricing?
Answer and explanation
Correct answer: Deciding the price of a good or service
Pricing is the business decision of setting the amount customers must pay for a product or service. It may consider costs, customer value, demand, competition, and the desired return. Ignoring customers, giving everything free, or wasting resources does not describe the process of deciding a suitable selling price.
Frequently asked questions
What is the correct answer to this question?
Deciding the price of a good or service
Why is this the correct answer?
Pricing is the business decision of setting the amount customers must pay for a product or service. It may consider costs, customer value, demand, competition, and the desired return. Ignoring customers, giving everything free, or wasting resources does not describe the process of deciding a suitable selling price.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Business, Trade and Commerce.
