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Abstract

Prices are a key determinant of financial performance for virtually any business in either the public or private sector, and the Veterinary Teaching Hospital at Michigan State University (MSU-VTH) offers no exception. To achieve consistent success, it is critical that a business understands the prevailing conditions in the marketplace when setting prices for its goods and services. Important issues to address include: 1. What are the prices of similar goods and services produced by other firms? 2. How important is price as a choice factor when customers select a source of these goods and services? 3. How do staff members view prices at the point-of-sale? 4. How are prices determined? These questions are especially crucial in small businesses such as those typical of the veterinary profession, where the decision-makers tend to be technical experts rather than trained business managers. Without this information, these decision-makers often have very little basis on which to develop a pricing policy.

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