TB Figure: 1
-TB Figure 1 shows there are six distinct steps in the pricing process: identify pricing constraints and objectives; estimate demand and revenue; estimate cost,volume,and profit relationships; select an appropriate price level; __________; and make special adjustments to list or quoted price.
A)set list or quoted price
B)test market the product or service to check for elasticity of demand
C)scan competitors for price lines for similar products or services
D)select the appropriate pricing formula

Question

TB Figure: 1 
-TB Figure 1 shows there are six distinct steps in the pricing process: identify pricing constraints and objectives; estimate demand and revenue; estimate cost,volume,and profit relationships; select an appropriate price level; __________; and make special adjustments to list or quoted price.
A)set list or quoted price 
B)test market the product or service to check for elasticity of demand 
C)scan competitors for price lines for similar products or services 
D)select the appropriate pricing formula

Quizplus · Accepted Answer

The blank in the sentence is filled by "set list or quoted price". The final step in the pricing process is to set the final list or quoted price, based on the analysis of demand, costs, competition, and pricing objectives. The other options mentioned (B, C, and D) are part of the analysis phase and occur before the final pricing decision is made.