Week 10 Discussion Forum

 

In the event that you email me and I don't reply within 24 hours, it is most likely because I didn't get your email. Please check the address and email me again. If for some reason you have to email me any documents, please be kind and write me a note too and don't just send your document making the assumption that I will read it. Don't forget the old axiom, people do business with people they like, with that in mind, make yourself likable and you might be surprised by what people will do for you. 

Answer the following questions…

1. How does pricing affect a small firm’s image?  What competitive factors must the small firm consider when establishing prices?
2. Describe the strategies a small business could use in setting the price of a new product.  What objectives should the strategy seek to achieve?
3. Why do so many small businesses use the manufacturer’s suggested retail price? What are the disadvantages of this technique?
4. What is a markup? How is it used to determine individual price?