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Pricing as an Art and a Science

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Discuss the concept that pricing is "both an a) art and b) a science." 2. Find examples of industries or products that fit the following objectives for pricing: a) survival; b) current profit maximization; c) market share leadership; and d) product quality leadership.

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This solution discusses the concept that pricing is both an art and a science. It gives examples of industries or products that fit the following objectives for pricing: survival, profit maximization, market share leadership, and product quality leadership. The explanation is given in 388 words.

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Pricing is one of the most important concepts of business, as it can be a platform for strong organizational growth, or a platform for organizational demise.

The concept that pricing is an art holds true within various aspects. From a marketing perspective, pricing is meant to maximize profits by charging the maximum amount customers are willing to pay. How does one know the maximum price a customer is willing to pay? This is where 'art' comes into the picture. It is based on understanding customer perceptions. Customers are willing to pay more if they perceive the product to be of ...

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