PRICE DETERMINATION PRESENTATION
Identify the elements that make up the price of a product and a service.
The text has this to say about the price of a product or service: “price is the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service” (Kerin, Hartley, & Rudelius, 2012, p. 318). The price of a product or service is a critical part of the overall marketing process; it must be therightprice. Marketers need to have a thorough understanding of the concept of price and how it is determined. On page 323 of the text, the authors identify six steps that are used in determining selling price of a product or service.
- Read and develop a deep understanding of the six steps involved in the process of developing a price for a product or service and the elements that make up the price of a product or service.
- Create a 6-8 slide presentation explaining the definition of price and an explanation of the six steps that should be used to determine the selling price of a product or service. Ensure the following points are addressed.
- The definition of the term “price”
- Explanation of the six steps that should be utilized to determine the selling price of a service or product, with an example for each step.
- It is not necessary to apply a formatting style for this assignment except when using a source to support your writing.