Learning is Fun with Decision to Reduce Selling Price Homework Help Experts
Decision to reduce the selling price of a commodity is definitely not a favorable situation, but it needs to be done in certain circumstances. The good news is, it always attracts customers. But before you learn about these circumstances, you can refer to decision to reduce selling price homework help experts from myhomeworkhelp.com, and know about the various factors which affect the selling price of a commodity.
Factors affecting the selling price of a product
There are several internal and external factors which affect the selling price of a product. Let us take a look at those factors.
- Predetermined objectives:
The objective of the firm or the organization plays a crucial role in determining the selling price. For example, if the objective of the firm is to earn profits, it can keep the price high, but if the firm wants to have a large customer base, it should keep the price of the product low initially.
- Product life cycle:
The life cycle of the product, i.e. the stage at which the product is presently in, also affects the price. For example, if the product is in the introductory stage, the price can be kept low to attract customers, and when the product reaches the growth phase, the price can be increased.
- Credit period offered:
The price also depends on the credit period which the company is offering. If the offered credit period is longer, the price may be high, and if the offered credit period is shorter, lower will be the price.
- Competition:
If the market has stiff competition, the prices need to be kept low and vice-versa. Our decision to reduce selling price assignment help experts will teach you more such factors which have an effect on the commodity’s price leading to further competition levels.
- Consumers:
The sensitivity of the consumer towards the price and the purchasing power of the consumers are the factors which affect the market price.
- Government control:
Government rules and regulations need to be considered. If government announces administered prices, the marketer needs to change the price accordingly.
- Economic condition:
While fixing the price of a commodity, the economic conditions prevalent in the market needs to be observed.
Circumstances forcing businesses men for reducing selling price:
If the competition is high and the business is not getting enough buyers, the decision to reduce the selling price can prove to be beneficial in order to attract the customers as they are always looking for a bargain. When the market situation becomes stable, the prices can be increased.
But decision to reduce selling price homework help experts advises that the price should be reduced only to that extent where the business can still earn profit. Hence, with us, you can get a well-analyzed reason for the actions concerned.
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