An entrepreneur is starting a business selling decorative items, such as vases, wall hangings, and prints (framed or unframed) over the Internet. She is aware that she needs to make a number of pricing decisions.
a. Describe a decision that the entrepreneur must make that would be an example of price setting. Describe a decision that she would have to make that would be an example of pricing policy.
b. Describe a decision that she would need to make regarding price format, and describe one regarding price structure.