Question: After reading Chapter 10 Price: What is the Value Proposition Worth?, provide written answers to the following: What is price, and why is it important

After reading Chapter 10 Price: What is the Value Proposition Worth?, provide written answers to the following:

  1. What is price, and why is it important to a firm? Describe and give examples of the following types of pricing objectives: profit, market share, competitive effect, customer satisfaction, and image enhancement. What is market-based pricing?
  2. Explain variable costs, fixed costs, average variable costs, average fixed costs, and average total costs. What is break-even analysis?
  3. Explain and give an example of target costing, yield management pricing, leader pricing, and EDLP.
  4. What is dynamic pricing and how has the Internet made it easier for companies to use dynamic pricing strategies? Use an example in your explanation.

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