(c) Discuss any five factors that may influence price decisions in any organization. (10 marks) (d) Distinguish between the possible sources of new product ideas. (5 marks)

<br />(c) The factors influencing price decisions in an organization include. Cost: The cost of production directly influences the pricing of a product. Higher costs may necessitate higher prices to ensure profitability.<br />2. Competition: The pricing strategies of competitors can influence an organization's own pricing decisions. Organizations may choose to compete on price or differentiate their products.<br />3. Demand: The level of demand for a product can influence its price. High demand may allow for higher prices, while low demand may require lower prices to stimulate sales.<br />4. Target Market: The characteristics of the target market, such as income level, can influence pricing decisions. Different segments may be willing to pay different prices.<br />5. Organizational Objectives: The goals of the organization, such as maximizing market share or achieving a certain profit margin, can influence pricing decisions.<br /><br />(d) The distinction between the possible sources of new product ideas includes:<br />1. Market Research: This involves gathering data on consumer needs and preferences. It can provide insights into gaps in the market that new products can fill.<br />2. Customer Feedback: Direct feedback from customers can be a valuable source of new product ideas. This can include suggestions, complaints, or requests for new products.<br />3. Competitive Analysis: Analyzing competitors' products can provide insights into what works and what doesn't in the market. This can lead to new product ideas that improve upon existing products.<br />4. Internal Research and Development: Organizations often have teams dedicated to researching and developing new products. These teams can come up with innovative ideas based on the organization's expertise and resources.<br />5. Random Discovery: Sometimes, new product ideas can come from unexpected places, such as accidental discoveries or serendipitous moments. While these are less reliable, they can still lead to successful products.