Ask Question
BusinessBusiness
25 December, 01:18

Shelly is undergoing the six-step process for establishing prices for a newly launched product. She has just finished assessing the target market's evaluation of possible prices. What is Shelly's next step?

+1
Answers (1)
  1. 25 December, 01:28
    0
    Evaluation of competitors price

    Explanation:

    Shelly must benchmark her product's price against its direct competitors, how often they offer discounts or promotions, etc. She should also evaluate differences in product quality, and if possible, she should try to get information about her competitors' costs.

    Are you offering a high quality, medium quality or low quality product? Is your price correct according to what the competition offers? Or is it too high or too low? If so, why is it too high? It it's too low, it is always easier to increase the price but decreasing it may b difficult.

    Depending on what type of product you want to sell and the relationship that your company has with retailers, the distribution costs can affect your final price. For example, some companies make special deals with some retailers to give them exclusive rights to sell their products at a certain price that tends to be much lower than their competitors'.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Shelly is undergoing the six-step process for establishing prices for a newly launched product. She has just finished assessing the target ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
True or False: The projected demand for professional and doctoral degree holders is lowest in the education and medical fields
Answers (1)
Tara has started a new job and has been assigned to work on a team. She is anxious about getting along with her new team members. What is one piece of advice you could give to Tara about working A. Keep your ideas to yourself. B. Avoid gossip. C.
Answers (1)
The annuity that represents the largest possible monthly payment to an individual annuitant is
Answers (1)
When employers who self-fund their employee benefits form a larger group in order to offer health insurance benefits to each employer's workers, it is called a (an) :
Answers (1)
Bake Co.'s trial balance included the following at December 31, Year 1: Accounts payable $80,000 Bonds payable, due Year 2 300,000 Discount on bonds payable 15,000 Deferred income tax liability 25,000 The deferred income tax liability is not related
Answers (1)
New Questions in Business
Which type of workplace culture emphasizes the development of new skills? a. achievement-based b. adaptive-based c. involvement-oriented d. consistency-oriented
Answers (2)
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,240 and the other, $1,570. Jones sold one of the items during the year.
Answers (1)
The culture of UPS places service to the customer among the company's highest business objectives, which is reflected in their use of information systems to enable customer tracking of their packages.
Answers (1)
Employers bond employees who handle cash receipts because fidelity bonds reduce the possibility of employing dishonest individuals and Deter dishonesty by making employees aware that insurance companies may investigate and prosecute dishonest acts.
Answers (1)
1. A complaint of sexual harassment by a part-time worker in a hardware business was upheld when the Tribunal found that the employer had failed to take sufficient action in relation to the employee's report of inappropriate behaviour.
Answers (1)
Home » Business » Shelly is undergoing the six-step process for establishing prices for a newly launched product. She has just finished assessing the target market's evaluation of possible prices. What is Shelly's next step?
Sign Up Forgot Password?