This chapter will help you:

L01: Know the characteristics of goods and services.

LO2: Define the total product.

LO3: Learn the stages of new product development.

LO4: Learn the product life cycle.

LO5: Understand why pricing is an important but difficult task for small business.

LO6: Understand price elasticities, pricing psychology, and other price influencers and their impact on pricing.

LO7: Understand different pricing strategies.