Question 19 5 The first step in the managerial decision making process is Identify the problem Review results Determine alternatives Make a decision Question 20 After identifying the problem, the next step in the managerial decision making process would be to Make a decision determine alternatives Review results Evaluate costs/benefits of alternatives Question 21 In which of the following situations would a company not set the prices of its products? When there are few or no other producers capable of making a similar product When the product is specially made for a customer When the product can be effectively differentiated from others When the product is not easily differentiated from competing products Question 22 The calculation to determine target cost is variable manufacturing costs + selling and administrative variable costs. sales price (variable manufacturing costs + fixed manufacturing costs). sales price - desired profit. variable manufacturing costs+fixed manufacturing costs