Please assist me in the below assignment....
[Note: In case the organization in which you are currently working in, does not have a pricing mechanism in place e.g, schools, non-profits, government, defense etc., then you are free to choose another organization that you are familiar with for this Week 7 PA question].
A price-setting process is a sophisticated multi-step approach that has to take into account the external environment, competitors, and consumer demand for the product, as well as internal factors such as operating costs.
- After summarizing the main steps of the price setting process and the most important aspect of each stage, choose one of those steps and discuss the relevant challenges that your organization may (or does) face while setting the price. Specifically mention the factors that the organization must consider in determining the price.
- In some cases a company has to cut its prices or react to price cuts initiated by competitors. What are the various strategies for and possible implications of such actions for the organization?
***You are expected to present research findings (from your company or industry, as well as academic) while answering this question.