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State the Government Regulation - pricing decisions
Prices of some basic products are regulated by government under the Essential Commodities Act. For instance, prior to liberalisation of the economy, cement and steel prices were decided by government. Therefore, it's essential that existing statutory limits, if any, are also kept in view when determining the prices of products by the producers.
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Read the journal article Lafferty, B. A., & Hult, G. T. M. (2001) ‘A synthesis of contemporary market orientation perspectives’, European Journal of Marketing, 35 (1/2), pp. 92–109
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