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WF SEM II a. b. c. d. e. Objective 3.03 D - Part IV – Pricing Terms Define the following terms: __________________________________. Describe the importance of determining __________________________________. Explain process for _______________________________. _______________________________ for product. Implement ______________________________________________. Price ceiling is the _______________________ price that is allowed to be charged for a certain good or survive in an economy, while the price floor is the _________________________ possible price Your event must have a high-enough price to ________________________ the costs of your event, as well as to provide you a ____________________________ stream, if you're expecting to make a profit from the event attendance itself. The price of your event __________________________________________, in part, the venue that you select. You shouldn't charge thousands of dollars for an event and host it in a 'budget' venue. Conversely, you need to ____________________________ __________________________ that your event price covers the cost of your venue and other event costs. Demand forecasting is the activity of ________________________________ the quantity of a product or service that consumers will purchase. Demand forecasting involves techniques including both ___________________________ methods, such as educated guesses, and _______________________ methods, such as the use of historical sales data or current data from test markets. Demand forecasting may be used in making ______________________ decisions, in assessing future _________________________ requirements, or in making decisions on whether to enter a new ________________________. Is the demand elastic or inelastic. Elastic means that if price changes, ______________________________ changes. Inelastic means demand will ___________________ _______________________ if price changes.