Answer
The three main factors that affect pricing decisions are customers, competitors, and costs.
Work Step by Step
1. Customers: Those who buy a product or service. Understanding their preferences and what they are willing to pay is crucial for pricing.
2. Competitors: Other businesses offering similar products or services in the same market. Their pricing decisions influence your own pricing strategy.
3. Costs: The expenses involved in producing, marketing, and delivering a product or service. Pricing must cover these costs while ensuring a profit.
