The first step in the price-setting process is to
A)compare alternatives.
B)analyze the competitive price environment.
C)determine the costs.
D)define the pricing objectives.
E)evaluate demand.

Question

Quizplus · Accepted Answer

Defining the pricing objectives is the first step in the price-setting process as it sets the rationale for why a certain price point is being considered. This helps in determining the pricing strategy and tactics that will be implemented to achieve those objectives.

The First Step in the Price-Setting Process Is to