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What factors should an entrepreneur consider while setting a product price?

Answer and explanation

Correct answer: Cost customer willingness to pay and competitor prices

A sensible price should cover relevant costs, fit the value offered, reflect what target customers can reasonably pay, and consider competing prices and market demand. The entrepreneur may also consider objectives and taxes. Personal preference, shop colour, or employee count alone cannot establish a suitable price because they do not show cost or customer value.

Related tags

PricingCostDemandCompetitionIntroduction To EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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