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What questions should managers answer when setting regular prices?

Short Answer

Expert verified

The managers must answer three major questions when settingregular prices: the company's target profit, the customer's ability to pay, and the perception of setting the price.

Step by step solution

01

The meaning of Manager

The term manager refers to a skilled individual who possesses knowledge of management and is appointed by an organization to manage itsoperations and human assets.

02

The questions that should be answered while setting the regular prices  

The managers should answer the following questions while setting the regular prices:

  • What is the company'starget profit?
  • How much will customers pay?
  • Is the company aprice-taker or setter for this product/service?

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