Explain why pricing is both an art and a science

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Reference no: EM133806666

Problem: Interactive

Watch the short YouTube video "Bill Gates Success Story | Microsoft | Biography | Richest Person In The World | Startup Stories".

1. Explain the differences among promotion, publicity, personal selling, and advertising.
2. Explain the differences among promotion, publicity, personal selling, and advertising.
3. Describe the advantages and disadvantages of the various advertising media.
4. Identify four basic methods for preparing an advertising budget.
5. Explain practical methods for stretching an entrepreneur's advertising budget.
6. Explain why pricing is both an art and a science.
7. Discuss the relationship among pricing, image, competition and value.
8. Describe effective pricing strategies for both new and existing products and services.
9. Explain the pricing techniques used by retailers, manufacturers, and service firms.
10. Describe the impact of credit on pricing.
11. How could an entrepreneur use the Internet to advertise his/her business?

Reference no: EM133806666

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