A price-setting process is a sophisticated multi-step approach that has to take into account the external environment, competitors, and consumer demand for the product, as well as internal factors such as operating costs.
Setting Price
? Selecting the price objective: survival, maximum current profit, maximum market share, maximum market skimming, and product quality leadership
? Determine demand
? Estimating cost
? Analyzing competitors cost, prices, and offers
? Selecting a pricing method
? Selecting the final price
1. After summarizing the main steps of the price setting process and the most important aspect of each stage, choose one of those steps and discuss the relevant challenges that your organization may (or does) face while setting the price. Specifically mention the factors that the organization must consider in determining the price.
2. In some cases a company has to cut its prices or react to price cuts initiated by competitors. What are the various strategies for and possible implications of such actions for the organization?
You are expected to present research findings (from your company or industry, as well as academic) while answering this question.
Note: In case the Duke Energy organization does not have a pricing mechanism in place e.g, schools, non-profits, gover
nment, defense etc., then you are free to choose another organization that you are familiar.
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