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Question
Third step of value based pricing is to ______.
Third step of value based pricing is to ______.
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Solution
The correct option is C Determine incurred costs
Value based pricing is the strategy which sets prices primarily, but not exclusively, according to the perceived or estimated value of a product or service to the customer rather than according to the cost of the product or its historical prices. So once the customer needs are found out and a target price is set, the incurred costs behind those products need to be found out.
Value based pricing is the strategy which sets prices primarily, but not exclusively, according to the perceived or estimated value of a product or service to the customer rather than according to the cost of the product or its historical prices. So once the customer needs are found out and a target price is set, the incurred costs behind those products need to be found out.
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