This activity is important because many factors influence how a firm sets prices. A firm$$s various stakeholders may voice a preference for higher or lower prices depending on their point of view. Marketing executives in search of substantial profits typically want high prices across the products they sell, while customers and salespeople often want low prices to increase the perceived customer value and ultimately the number of units sold. Thoughtful consideration of the impact on all stakeholders at each step in the price$-$setting process increases the likelihood that the final price captures value for the firm and delivers value to the customer.

The goal of this activity is to understand when each step of the pricing process should take place.

Place the steps of the pricing process in the correct order.