Posted on March 16, by Scott Alexander [Epistemic status: Heritable mostly means genes. Shared environmental means anything that two twins have in common — usually parents, siblings, household, and neighborhood.
Factors Affecting Pricing Product: Internal Factors and External Factors Article shared by: The pricing decisions for a product are affected by internal and external factors. While fixing the prices of a product, the firm should consider the cost involved in producing the product.
This cost includes both the variable and fixed costs.
Thus, while fixing the prices, the firm must be able to recover both the variable and fixed costs. For instance, if the objective of a firm is to increase return on investment, then it may charge a higher price, and if the objective is to capture a large market share, then it may charge a lower price.
Image of the firm: The price of the product may also be determined on the basis of the image of the firm in the market. The stage at which the product is in its product life cycle also affects its price.
The pricing of the product is also affected by the credit period offered by the company. Longer the credit period, higher may be the price, and shorter the credit period, lower may be the price of the product. The promotional activity undertaken by the firm also determines the price.
If the firm incurs heavy advertising and sales promotion costs, then the pricing of the product shall be kept high in order to recover the cost. If there is high competition, the prices may be kept low to effectively face the competition, and if competition is low, the prices may be kept high.
The marketer should consider various consumer factors while fixing the prices. The consumer factors that must be considered includes the price sensitivity of the buyer, purchasing power, and so on.
Government rules and regulation must be considered while fixing the prices. At the time of recession, the consumer may have less money to spend, so the marketer may reduce the prices in order to influence the buying decision of the consumers. The marketer must consider a number of channel intermediaries and their expectations.
The longer the chain of intermediaries, the higher would be the prices of the goods.Economies, an international, peer-reviewed Open Access journal. Preliminary versions of economic research. Did Consumers Want Less Debt?
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- External and Internal Factors There are many external and internal factors that impact the planning functions of management.
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