ABSTRACT
The syllabus tor section 3,4, 'Financial information to support marketing decisions* states that 'students will need to demonstrate their understanding of basic financial concepts through their application to marketing management decisions in a variety of contexts. Specific areas of application will include: 34.5, Pricing decisions in a variety of marketing contexts, e.g. setting appropriate selling prices to achieve required margins or mark-ups, setting appropriate transfer prices for internal and external movement of goods, and services/ As stated in Unit 4, decision-making arises when a problem, with more than one solution, needs to be solved. This Is true of pricing decisions, Them am a number of approaches and influences in a decision to set a selling price for a product or service, Whatever approach is used, marketing managers will be heavily involved in the process, they will need information, which may be financial and non-financial The focus of this unit is the financial information needed, however the use of non-financial information is also important but this is covered in the other units specifically focused on the area. Marketing managers ma<i financial information in order to make pricing decisions, these may be short, medium or long-term in nature, Prices will also be influenced by many other factors, some financial, others non-financial The types of pricing decision they may be involved in might be the pricing of a new product or service, reviewing the price of an existing product or service or revising the price of a declining product or service.
