Which of the following is an internal influence on pricing decisions?

Prepare for your CIM Level 3 Marketing Principles Test. Study with flashcards and multiple choice questions. Enhance your knowledge and be exam-ready!

Sales goals are indeed an internal influence on pricing decisions because they are set by the company based on its strategic objectives and targets. These goals are determined by the business's own market analysis, budget considerations, and overall strategic plan. They reflect what the company needs to achieve in terms of sales volume, revenue, or profit margins and directly impact how prices are structured to meet these objectives.

In contrast, consumer income, competitors' prices, and economic trends are external factors that companies must consider when making pricing decisions. Consumer income can affect purchasing power and demand for products, while competitors' prices dictate market positioning and pricing strategies in a competitive landscape. Economic trends encompass broader market conditions that can influence consumer behavior and overall sales, but they are outside the direct control of the business. Hence, these factors are classified as external influences.

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