Title: Explain pricing and the factors that affect pricing decisions.
Course: Sports and Entertainment Marketing (12163-I) > Section: Exploring Pricing Strategies

Explanation should include the concepts that price creates a competitive edge, affects profits and company image, and establishes value.

Explanation should also include the relationship between price and quality and how secondary market pricing affects pricing decisions.

Process/Skill Questions:

- What is the relationship between price and profit?
- What is the relationship between price and value?
- What is a loss leader?
- Why is a product/service price a critical factor in the success or failure of a business?
- What is the difference between price and non-price competition?
- How does price affect demand?
- What influence does the government have on pricing?