11 Reviewing and Extending the Concepts

Objectives Review and Key Terms

Objectives Review

In this chapter, we examined some additional pricing considerations—new product pricing, product mix pricing, price adjustments, initiating and reacting to prices changes, and pricing and public policy. A company sets not a single price but rather a pricing structure that covers its entire mix of products. This pricing structure changes over time as products move through their life cycles. The company adjusts product prices to reflect changes in costs and demand and account for variations in buyers and situations. As the competitive environment changes, the company considers when to initiate price changes and when to respond to them.

Objective 11-1 Describe ...

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