AS 92029 · 5 credits · Internal
Price determination
Demonstrate understanding of price determination for an organisation
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In plain EnglishAI study guide · check the NZQA standard
This standard asks you to understand how organisations decide what price to charge for their products or services. You need to describe how a price was set, explain what factors might change that price, and justify whether the price is a good decision for the business. You'll use real business information and theories like supply and demand to back up your ideas.
What to do, grades and common mistakes
What you actually do
- ·Describe how an organisation determined the price for a product or service, using real financial or non-financial information (like costs, market research, or the company's goals)
- ·Apply a business concept or model (such as supply and demand, cost-volume-profit analysis, or pricing strategies) to explain or support your description
- ·Explain how internal changes (staffing, processes) or external changes (competition, legislation, customer demand) could affect the price
- ·Discuss different options for whether the organisation should change the price or keep it the same, supported by evidence and business thinking
- ·Justify why the current price is good (or isn't) for the organisation, and discuss what consequences that price has on the business and the people affected by it
AAchieved
You describe how a price was set using real information and one business concept, showing you understand the basics of how pricing works.
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