Day: July 6, 2024

The main influences on a business’s pricing are?

Select ONE answer:

1. Place, price, promotion and product
2. Volume , variety, variation in demand and visibility
3. Costs, competitors, customers and corporate objectives
4. People, processes and physical evidence

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct –> The main influences are costs, competitors, customers and corporate objectives (3). The concepts in 1and 4 are those of the marketing mix, while those in 2 relate to operations management.
4. Not correct

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