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Prices And Pricing Policies For Small Animal And Equine Veterinary Services: A Study Of Teaching Hospitals And Michigan Private Practices During 2000

Author

Listed:
  • Lloyd, James W.
  • Leeper, Delta
  • Donovan, Debra
  • Camara, Youssouf
  • Smith, Steven G.

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.

Suggested Citation

  • Lloyd, James W. & Leeper, Delta & Donovan, Debra & Camara, Youssouf & Smith, Steven G., 2001. "Prices And Pricing Policies For Small Animal And Equine Veterinary Services: A Study Of Teaching Hospitals And Michigan Private Practices During 2000," Staff Paper Series 11552, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    • Handle: RePEc:ags:midasp:11552
    DOI: 10.22004/ag.econ.11552
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    Cited by:

    1. Wolf, Christopher A. & Lloyd, James W. & Black, J. Roy, 2006. "An Examination of US Consumer Pet and Veterinary Expenditures, 1980-1999," Staff Paper Series 7430, Michigan State University, Department of Agricultural, Food, and Resource Economics.

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