Factors Affecting Price

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Marketing 6621

Marketing 6621

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  • 1. Buyers and many sellers all dealing in an identical product. Neither producer nor user has any market power and both must accept the primary market price.
  • 2. One seller who dominates many buyers. The Monopolists can use this market power to set a profit-maximizing price.
  • 3. Large number of suppliers offer similar but not identical products. These slight differences give monopolistic power to the supplier.
  • 4. Relatively few competitive companies dominate the market, with each company having the ability to influence the market price.
  • 5. Total cost of materials, energy and labor to produce a good/service.
  • 6. Since pricing affects if and how much of a good/service a customer will buy; the price will also be part of the decision to make/sell certain products.
  • 7. Shipping long distances can cause the price of the product to rise. Understanding this cost and what customers are willing to buy are part of the decision in distribution.
  • 8. When determining price and promotion plans, businesses have to consider the type of market and competition that currently exist.