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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market5 Marks
Question
Explain the factors influencing pricing.
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Answer

The factors that influence the pricing decisions are of two types:
  1. Internal Factors:
  1. Marketing objectives of the firm,
  2. The image sought by the firm through pricing;
  3. Cost of manufacturing and marketing,
  4. 'The uniqueness' and utility of the product;
  5. Price elasticity of demand of the product,
  6. Composition of the product line of the firm.
  1. External Factors:
  1. Market characteristics,
  2. Nature of economy;
  3. Nature of competition,
  4. Bargaining power of major consumers;
  5. Bargaining power of major suppliers,
  6. Competitors pricing policy;
  7. Government controls/ regulations on pricing;
  8. Societal or social considerations.

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