14

Using previous research on the selected business and its competitors, describe typical prices in the industry for similar products or services, noting how the prices of the selected business compare to others. Summarize how businesses make and review pricing decisions based on four key market factors: cost and expenses, supply and demand, consumer perception, and competition. Analyze each factor for the selected business and summarize how each relates to typical organizational goals of earning a profit, gaining market share, and being competitive, noting where there are chances to address weakness(es) or capitalize on area(s) of opportunity identified in standard 6.