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Which combination is most appropriate for pricing by an entrepreneur?

Answer and explanation

Correct answer: Cost, customer value, and competition

A sound price should cover relevant costs and support the business, while also reflecting the value customers perceive and the prices or offerings of competitors. Choosing only the highest or lowest price may reduce demand or profit, and guesswork ignores evidence. Therefore, combining cost, customer value, and competition provides the most balanced pricing basis.

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PricingCost-AnalysisPriceMarketing ManagementBusiness StudiesClass 12 Mcq

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