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Substantiation of Price Decisions in a Crisis Context

Author

Listed:
  • Vasile DEAC

    (The Bucharest University of Economic Studies, Romania)

  • Mihai VRÎNCUÞ

    (The Bucharest University of Economic Studies, Romania)

  • Oana PÃUN

    (The Bucharest University of Economic Studies, Romania)

  • Irina RAICU

    (The Bucharest University of Economic Studies, Romania)

Abstract

In this article the authors aim to address key issues regarding pricing decision substantiation in a crisis context and to create an overview of the elements that should underlie such substantiation. We can say that making price decisions is both a science and an art, based on precise calculations and sound economic reasoning. But, especially in a crisis context, such reasoning and calculations should not exclude intuition, flair, hunches, and experience and so on, all instruments belonging to the art of management. A solid reasoning assumes that those involved ask the right questions and understand all the factors that determine the success of some price decisions and failure of others.

Suggested Citation

  • Vasile DEAC & Mihai VRÎNCUÞ & Oana PÃUN & Irina RAICU, 2013. "Substantiation of Price Decisions in a Crisis Context," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(1), pages 33-42, March.
    • Handle: RePEc:rom:rmcimn:v:14:y:2013:i:1:p:33-42
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    File URL: https://rmci.ase.ro/no14vol1/03.pdf
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    More about this item

    Keywords

    relevant costs; irrelevant costs; perceived value; total sacrifice; price war.;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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