Title: Explain pricing and the factors that affect pricing decisions.
Course: Sports, Entertainment, and Event Marketing > Section: Exploring Pricing Strategies

Explanation should include the concepts that price

- creates a competitive edge
- affects profits and company image
- establishes value
- correlates with quality
- affects secondary markets.

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 nonprice competition?
- How does price affect demand?
- What influence does the government have on pricing?