Lecture notes Business Dynamics (1614)

INSPIRING
POSSIBILITI
ES
TOGETHER




Lecturer Support Material Dynamics of Entrepreneurship 3e
©
Juta and Company (Pty) Ltd, 2023 9781998962341

, CHAPTER 8

Pricing decisions




Lecturer Support Material Dynamics of Entrepreneurship 3e
©
Juta and Company (Pty) Ltd, 2023 9781998962341

, Learning objectives
After studying this chapter, you should be able to:
• Define the concept of price
• Explain how price is linked to the marketing concept
• Explain why price is important in marketing management
• Discuss what price means for consumers
• Explain the different price setting guidelines briefly
• Discuss the legal considerations when setting a price in South Africa
• Discuss the ethical conduct that should be considered when setting a price
• Explain the different types of price setting objectives
• Explain pricing strategies for new products
• Explain basic and advanced pricing strategies
• Recommend a pricing strategy for a given organisation
• List the steps in the process of setting a price
• Understand common mistakes when setting prices



Lecturer Support Material Dynamics of Entrepreneurship 3e
©
Juta and Company (Pty) Ltd, 2023 9781998962341