What is the need for pricing decisions? Explain.

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Pricing decisions are one of the most critical decisions in marketing management. It is an important process that involves the determination of the value of a product or service that a company is offering and setting a price accordingly. It is a complex process that involves several factors like the cost of production, market demand, competition, and customer preferences. In this article, we will discuss the need for pricing decisions and how it can help a business succeed.

Need for Pricing Decisions:

1. Profit Maximization: The primary objective of any business is to maximize its profits. The pricing decision plays a vital role in achieving this objective. By setting the right price, a company can maximize its profits and achieve its financial goals.

2. Competitive Advantage: Pricing decisions can help a company gain a competitive advantage in the market. By setting a lower price than its competitors, a company can attract ______ ____ _____________ ____________ __ ___ ______ ___________ __________ ____________ _____ _________ ________.
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Degree : BACHELOR DEGREE PROGRAMMES
Course Name : BACHELOR IN COMMERCE CHOICE BASED CREDIT SYSTEM
Course Code : B.Com(G) CBCS
Subject Name : MANAGEMENT ACCOUNTING
Subject Code : BCOE 142
Year : 2022 2023