Describe the six steps of the process that marketers can use to establish prices.
What will be an ideal response?
Before a product's price can be set, an organization must determine the basis on which it will compete-whether on price alone or some combination of factors. There are six stages that marketers can follow to establish prices. Stage 1 is developing a pricing objective that is compatible with the organization's overall marketing objectives. Stage 2 entails assessing the target market's evaluation of price. Stage 3 involves evaluating competitors' prices, which helps determine the role of price in the marketing strategy. Stage 4 requires choosing a basis for setting prices. Stage 5 is selecting a pricing strategy, or determining the role of price in the marketing mix. Stage 6 involves determining the final price. This final step depends on environmental forces and marketers' understanding and use of a systematic approach to establishing prices. These stages are not rigid, and not all marketers will follow all the steps. They are merely guidelines that provide a logical sequence for establishing prices.
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Stopyra Incorporated makes a single product-a cooling coil used in commercial refrigerators. The company has a standard cost system in which it applies overhead to this product based on the standard labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted variable manufacturing overhead$28,200 Budgeted fixed manufacturing overhead$89,280 Budgeted hours 12,000labor-hours Actual production (a) 16,000units Standard hours per unit (b) 0.60labor-hours Standard hours allowed for the actual production (a) × (b) 9,600labor-hours Actual variable manufacturing overhead$26,967 Actual fixed manufacturing overhead$74,280 Actual hours 8,900labor-hours ?The variable overhead efficiency
variance is: A. $2,121 U B. $1,645 F C. $2,121 F D. $1,645 U
B2B EC can increase the efficiency and effectiveness of supply chains or dramatically change the supply chain by eliminating one or more intermediaries
Indicate whether the statement is true or false
____ also facilitates information flow
a. an autonomous project organizational structure b. a functional organizational structure c. a matrix organizational structure d. a project management office