Students should
- have an understanding of the main features of pricing methods and the impact they will have on a business
- be able to recognise the factors, internal and external, which might influence the pricing decision, particularly as businesses grow and expand
- be able to evaluate the factors and use them to assess the suitability of pricing methods for a given business
- have an understanding of the basic relationship between price and demand i.e. as prices rise demand is likely to fall
Complete lesson written by Sarah Hilton for Revisionstation
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