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What is Sealed bid pricing
Another from of competition oriented pricing is the sealed bid pricing. In a large number of projects, industrial marketing and marketing to the government, suppliers are asked to submit their quoted as a part of tender. The price quoted reflects the firm's cost and its understanding of competition. If the firm was to price its offer only at its cost level it may be the lowest bidder and may even get the contract but may not make any profit out of the deal. So it is important that the firm uses expected profit at different price level to arrive at the most profitable price. This can be arrived at by considering the profit and profitability of getting a contract at different prices. This method obviously assumes that the firm has complete knowledge or information about the competition and the customer.
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Outline Five characteristics of relevant cost
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Going rate or follow the crowd pricing:- In this method the firm price its products at the similar level as that of the competition. This method supposes that there will be no
Explain Operating budgets These budgets relate to the dissimilar activities or operation of a firm the number of such budgets depends upon the size and nature of business. The
What is a pro forma financial statement and how does it relate to the master budget?
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Your company is considering investing in its own transport fleet. The presentposition is that carriage is contracted to an outside organization. The life of thetransport fleet woul
Determine Cost pool and Cost drivers Cost pool: it is another name given to a cost centre and, therefore an activity cost centre may also be termed as an activity cost pool.
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