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Architecture and Design homework help

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Answer the following questions…
How does pricing affect a small firm’s image? What competitive factors must the small firm consider when establishing prices?
Describe the strategies a small business could use in setting the price of a new product. What objectives should the strategy seek to achieve?
Why do so many small businesses use the manufacturer’s suggested retail price? What are the disadvantages of this technique?
What is a markup? How is it used to determine individual price?

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