Imagine you having your own business, what would be your pricing strategy and why?

1 answer:

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A good pricing strategy is difficult and it depends on what your doing/selling. You need to be reasonable with your prices or no one will buy them so you need to be extra careful when it come to pricing. For example DO NOT sell a tiny little sticker that’s barely the size of your hand for $10. That just would not be reasonable and no one will want to buy it so instead you should put the price at 1-3 dollars depending on the size and quality of the sticker.

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In perfect competition, each additional unit of output that a firm sells will yield a marginal revenue that is:

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The correct answer is equal to price.

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A perfectly competitive firm is a price taker. This is because of the large number of firms, no single firm is able to influence the price. So each firm faces a horizontal demand curve. This horizontal line shows demand, marginal revenue, and average revenue.

The price level is determined at the point where the marginal cost is equal to price. The marginal revenue is always equal to price because the price is fixed at a point, each output level is supplied at the same price.

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The first of two major components of developing a marketing strategy is to _______. a. select a target market b. determine a seg

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Answer:The first of two major components of developing a marketing strategy is to<u> select a target market.</u>

<u>Explanation:</u> After determining business products and services the business needs to identify the target market. Identifying the target market is the major step in developing a marketing strategy.

Steps to select a target market

Target market is actually those customers whom we want to sell our products.Concentrating on target market will make it easier to sell our products.
Customers can be targeted on the basis of age,gender,income,occupation,educational level.
Look at the competition that exist .Identify those areas that have been overlooked by our competitors.
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