When pricing a new product, a small business owner should strive to always satisfy which three objectives?
A)Product acceptance, maintaining market share, and earning a profit.
B)Quick acceptance, extensive distribution, and quickly recovering costs.
C)Recovering initial development costs, recovering initial promotional costs, and discouraging competition.
D)Discouraging competition, recovering development costs, and developing a prestige image.

Question

Quizplus · Accepted Answer

When pricing a new product, a small business owner should aim to satisfy the objectives of product acceptance, maintaining the market share, and earning a profit. Product acceptance is crucial for any new product, and pricing it right can help achieve this. Maintaining market share is also essential for the long-term success of the business, and pricing can play a crucial role here. Finally, earning a profit is essential for the survival and growth of the business, and pricing is one of the key levers that can help in achieving profitability.

When Pricing a New Product, a Small Business Owner Should