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Introduction This paper will examine the role of pricing in three local companies: * McDonald's * Starbuck's * Tesco The following introductory information provides an understanding of the role pricing plays in business, the different types of pricing policies and why they are implemented. Following the introduction, each company's pricing policies will be examined individually. Pricing plays a critical role in any marketing strategy and affects the profits and revenue that a company will eventually earn. According to The Entrepreneur's Guidebook (2001), to establish an effective pricing policy, a company needs to: * Define pricing objectives * Establish a simple yet effective pricing structure taking into consideration all business costs * Choose a pricing strategy that helps to establish a market presence * Adapt a general pricing policy in response to trends, industry practices and new innovative pricing strategies to help solidify a competitive position within the marketplace Any business, regardless of the industry needs to base a pricing plan on the company's goals and...

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