Title: Explain the importance of pricing strategy.
Course: Small Business Marketing (12161) > Section: Pricing Products and Services

Explanation should include the importance of pricing strategy to

- attract customers
- maximize profits
- maintain a competitive advantage.

Process/Skill Questions:

- How does pricing strategy contribute to a business’s profitability and market competitiveness?
- How can pricing strategies influence customer behavior and demand?
- Why is product/service price a critical factor in the success or failure of a business?