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PRICING DECISIONS (GRADED)
Pricing is a critical decision made by a marketing executive because price has a direct effect on a firm’s profits. Note the six major steps in the process organizations go through in setting prices on pages 322–323. Step one involves identifying pricing objectives and constraints. Give an example of a pricing strategy and describe how specifics constraints may prevent the fulfillment of reaching that pricing objective.

PRICING ADJUSTMENTS (GRADED)
There are times when pricing adjustments are made. List three specific types of price adjustments and explain the rationale for making such an adjustment.