Identify the major pricing objectives used by businesses.
Objectives of pricing include survival, profit maximization, target return on investment, achieving market goals, and maintaining the status quo.
Firms sometimes have to price products to survive, which usually requires cutting prices to attract customers.
The return on investment (ROI) is the amount earned as a result of the investment in developing and marketing the product. Some firms set an annual percentage ROI as the pricing goal. Other firms use pricing to maintain or increase their market share.
In industries in which price stability is important, firms often price their products by charging about the same as competitors.
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