A textile manufacturer opens mills in a new country and has to decide the price of product. Arrange the steps involved in the pricing decision. The manufacturing unit increases production by using efficient technology to reduce fixed costs.
The company aims to make profits by gaining market share on foreign land.
The company computes demand by assessing demographic data such as income and age.
The company studies rivals’ market share, product portfolio, and costing.
The company adopts going-rate pricing to stiffen competition and penetrate the market.