{"id":7377,"date":"2016-09-29T17:59:42","date_gmt":"2016-09-29T17:59:42","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/masterybusiness2xngcxmasterspring2016\/?post_type=chapter&#038;p=7377"},"modified":"2024-05-03T15:40:46","modified_gmt":"2024-05-03T15:40:46","slug":"pricing-objectives","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/chapter\/pricing-objectives\/","title":{"raw":"Pricing Objectives","rendered":"Pricing Objectives"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Outcomes<\/h3>\r\n<ul>\r\n \t<li>Describe the objectives businesses hope to achieve with product pricing<\/li>\r\n<\/ul>\r\n<\/div>\r\nCompanies set the prices of their products in order to\u00a0achieve specific objectives.\u00a0Consider the following examples.\r\n<div class=\"textbox examples\">\r\n<h3>Nike<\/h3>\r\nIn 2014 Nike initiated a new pricing strategy. The company determined from a market analysis that its customers appreciated the value that the brand provided, which meant that it could charge a higher price for its products. Nike began to raise its prices 4\u20135 percent a year. <em>Footwear News<\/em> reported on the impact of their\u00a0strategy:\r\n<blockquote>\r\n<div>\"The ability to raise prices is a key long-term advantage in the branded apparel and footwear industry\u2014we are particularly encouraged that Nike is able to drive pricing while most U.S. apparel names are calling for elevated promotional [and] markdown levels in the near-term,\u201d said UBS analyst Michael Binetti. Binetti said Nike\u2019s new strategy is an emerging competitive advantage.[footnote]Jordan. \"Nike Price Hikes Drive U.S. Sneaker Growth.\" Footwear News. July 14, 2014. Accessed June 25, 2019. <a href=\"http:\/\/footwearnews.com\/2014\/business\/news\/nike-price-hikes-drive-u-s-sneaker-growth-144128\/\" target=\"_blank\" rel=\"noopener\">http:\/\/footwearnews.com\/2014\/business\/news\/nike-price-hikes-drive-u-s-sneaker-growth-144128\/<\/a>.[\/footnote]<\/div><\/blockquote>\r\nNike's understanding of customer value enabled\u00a0it to raise prices and achieve company growth objectives, increasing U.S. athletic footwear sales\u00a0by $168 million in one year.\r\n\r\n<\/div>\r\n<div class=\"textbox examples\">\r\n<h3>Southwest Airlines<\/h3>\r\nIn 2015 the U.S. airline industry lost $12 billion in value <em>in one day<\/em> because of concerns about\u00a0potential price wars. When Southwest Airlines announced that it was increasing its capacity by 1 percent, the CEO of American Airlines\u2014the world\u2019s largest airline\u2014responded that American would not lose customers to price competition and would match lower fares. <em>Forbes<\/em> magazine reported on the consequences:\r\n<blockquote>\r\n<div>This induced panic among investors, as they feared that this would trigger a price war among the airlines. The investors believe that competing on prices would undermine the airline\u2019s ability to charge profitable fares, pull down their profits, and push them back into the shackles of heavy losses. Thus, the worried investors sold off stocks of major airlines, wiping out nearly $12 billion of market value of the airline industry in a single trading day.[footnote]Trefis Team, and Great Speculations. \"Airlines' Stocks Drop As Fear Of Price War Clouds The Industry.\" Forbes. June 11, 2015. Accessed June 25, 2019. <a href=\"http:\/\/www.forbes.com\/sites\/greatspeculations\/2015\/06\/11\/airlines-stocks-drop-as-fear-of-price-war-clouds-the-industry\/#2715e4857a0b103622d442d5\" target=\"_blank\" rel=\"noopener\">http:\/\/www.forbes.com\/sites\/greatspeculations\/2015\/06\/11\/airlines-stocks-drop-as-fear-of-price-war-clouds-the-industry\/<\/a>.[\/footnote]<\/div><\/blockquote>\r\n<\/div>\r\n<h2>Common Pricing Objectives<\/h2>\r\nNot surprising, product pricing\u00a0has a big effect on company\u00a0objectives. \u00a0(You'll recall that objectives are essentially a company's\u00a0business goals.) Pricing can be used strategically to adjust performance to meet revenue or profit objectives, as in the Nike example above. Or, as the airline-industry example shows, pricing can also have unintended or\u00a0adverse effects on\u00a0a company's objectives. Product pricing will\u00a0impact each of the objectives below:\r\n<ul>\r\n \t<li>Profit objective: For example, \"Increase net profit in 2016 by 5 percent\"<\/li>\r\n \t<li>Competitive objective: For example, \"Capture 30 percent market share in the product category\"<\/li>\r\n \t<li>Customer objective: For example, \"Increase customer retention\"<\/li>\r\n<\/ul>\r\nOf course, over the long run, no company can really\u00a0say, \"We don't care about profits. We are pricing to beat competitors.\" Nor can the company focus only on profits and ignore\u00a0how it delivers customer value. For this reason, marketers talk about a company's \"orientation\" in pricing. Orientation describes the relative importance of one factor compared to\u00a0the others. All companies must consider customer value in pricing, but some have an orientation toward profit. We would call this profit-oriented pricing.\r\n<h3>Profit-Oriented\u00a0Pricing<\/h3>\r\n<strong>Profit-oriented pricing<\/strong> places an emphasis\u00a0on the finances of the product and business. A business's profit is the money left after all costs are covered. In other words, profit = revenue - costs. In profit-oriented pricing, the price per product is set higher than the total cost of producing and selling each product to ensure that the company makes a profit on each sale.\r\n\r\nThe benefit of profit-oriented pricing is obvious: the company is guaranteed\u00a0a profit on every sale. There are real risks to this strategy, though. If a competitor has lower costs, then it can easily undercut the pricing and steal market share. Even if a competitor does not have lower costs, it might choose a more aggressive pricing strategy to gain momentum in the market.\r\n\r\nAlso, customers don't really\u00a0care about the company's costs. Price is a component of the value equation, but if the product fails to deliver value, it will be difficult to generate sales.\r\n\r\nFinally, profit-oriented pricing is often a difficult strategy for marketers to succeed with, because it limits flexibility. If the price is too high, then the marketer has\u00a0to adjust other aspects of the marketing mix to create more value. If the marketer invests in the other three Ps\u2014by, say, making improvements to the product, increasing promotion, or adding distribution channels\u2014that investment will probably require\u00a0additional budget,\u00a0which will further raise the price.\r\n\r\nIt's fairly standard for retailers to\u00a0use some profit-oriented pricing\u2014applying a standard mark-up over wholesale prices for\u00a0products, for instance\u2014but that's rarely their only strategy. Successful retailers will also adjust pricing for some or all products in order to increase the value they provide to customers.\r\n<h3>Competitor-Oriented Pricing<\/h3>\r\nSometimes prices are set almost completely according to\u00a0competitor prices. A company simply copies the competitor's pricing strategy or seeks to use price as one of the features that differentiates the product. That could mean either pricing the product higher than competitive products, to indicate that the firm believes it to provide greater value, or lower than competitive products in order to be a low-price solution.\r\n\r\nThis is a fairly simple way to price, especially with products whose pricing information is easily collected and compared. Like profit-oriented pricing, it carries some risks, though. Competitor-oriented pricing doesn't fully take into account the value of the product to the customer vis-\u00e0-vis\u00a0the value of competitive products. As a result, the product might be priced too low for the value it provides, or too high.\r\n\r\nAs the airline example illustrates, competitor-oriented pricing can contribute to a difficult market dynamic. If players in a market compete exclusively on price, they will erode their profits and, over time, limit their ability to add value to products.\r\n<h3>Customer-Oriented Pricing<\/h3>\r\n<img class=\"aligncenter wp-image-4509 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/09\/28185237\/Price-Value_Equation_pptx.jpg\" alt=\"Price-Value Equation: Value equals Perceived Benefits minus Perceived Costs.\" width=\"530\" height=\"119\" \/>\r\n\r\n<strong>Customer-oriented pricing<\/strong> is also referred to as value-oriented pricing. Given the centrality of the customer in a marketing orientation (and this marketing course!), it will come as no surprise that customer-oriented pricing is the recommended pricing approach because\u00a0its focus is\u00a0on providing value to the customer. Customer-oriented pricing looks at the full price-value equation (Figure 1, above; discussed earlier in the module in \"Demonstrating Customer Value\") and establishes the price that balances the value. The company seeks to charge the highest price <em>that supports the value received<\/em> by the customer.\r\n\r\nCustomer-oriented pricing requires an analysis of the customer and the market. The company must understand the buyer persona, the value that the buyer is seeking, and the degree to which the product meets the customer's need. The market analysis shows\u00a0competitive pricing but also pricing for substitutes.\r\n\r\nIn an attempt to bring the customer's voice into pricing decisions, many companies conduct primary market research with target customers. Crafting questions to\u00a0get at the value perceptions of the customer is difficult, though, so marketers often turn to something\u00a0called the <span style=\"color: #333333;\">Van Westendorp<\/span> price-sensitivity meter. This method\u00a0uses the following four questions to understand customer perceptions of pricing:\r\n<blockquote>\r\n<ol>\r\n \t<li>At what price would you consider the product to be so expensive that you would not consider buying it? (Too expensive)<\/li>\r\n \t<li>At what price would you consider the product to be priced so low that you would feel the quality couldn\u2019t be very good? (Too cheap)<\/li>\r\n \t<li>At what price would you consider the product starting to get expensive, such that it's not out of the question, but you would have to give some thought to buying it? (Expensive\/High Side)<\/li>\r\n \t<li>At what price would you consider the product to be a bargain\u2014a great buy for the money? (Cheap\/Good Value)<\/li>\r\n<\/ol>\r\n<\/blockquote>\r\nEach of these questions asks about the customer's perspective on the product's value, with price as one component of the value equation.\r\n<div class=\"textbox tryit\">\r\n<h3>Practice Question<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/46476dfe-0aca-429b-a0ac-f845259d00f8\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li>Describe the objectives businesses hope to achieve with product pricing<\/li>\n<\/ul>\n<\/div>\n<p>Companies set the prices of their products in order to\u00a0achieve specific objectives.\u00a0Consider the following examples.<\/p>\n<div class=\"textbox examples\">\n<h3>Nike<\/h3>\n<p>In 2014 Nike initiated a new pricing strategy. The company determined from a market analysis that its customers appreciated the value that the brand provided, which meant that it could charge a higher price for its products. Nike began to raise its prices 4\u20135 percent a year. <em>Footwear News<\/em> reported on the impact of their\u00a0strategy:<\/p>\n<blockquote>\n<div>&#8220;The ability to raise prices is a key long-term advantage in the branded apparel and footwear industry\u2014we are particularly encouraged that Nike is able to drive pricing while most U.S. apparel names are calling for elevated promotional [and] markdown levels in the near-term,\u201d said UBS analyst Michael Binetti. Binetti said Nike\u2019s new strategy is an emerging competitive advantage.<a class=\"footnote\" title=\"Jordan. &quot;Nike Price Hikes Drive U.S. Sneaker Growth.&quot; Footwear News. July 14, 2014. Accessed June 25, 2019. http:\/\/footwearnews.com\/2014\/business\/news\/nike-price-hikes-drive-u-s-sneaker-growth-144128\/.\" id=\"return-footnote-7377-1\" href=\"#footnote-7377-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a><\/div>\n<\/blockquote>\n<p>Nike&#8217;s understanding of customer value enabled\u00a0it to raise prices and achieve company growth objectives, increasing U.S. athletic footwear sales\u00a0by $168 million in one year.<\/p>\n<\/div>\n<div class=\"textbox examples\">\n<h3>Southwest Airlines<\/h3>\n<p>In 2015 the U.S. airline industry lost $12 billion in value <em>in one day<\/em> because of concerns about\u00a0potential price wars. When Southwest Airlines announced that it was increasing its capacity by 1 percent, the CEO of American Airlines\u2014the world\u2019s largest airline\u2014responded that American would not lose customers to price competition and would match lower fares. <em>Forbes<\/em> magazine reported on the consequences:<\/p>\n<blockquote>\n<div>This induced panic among investors, as they feared that this would trigger a price war among the airlines. The investors believe that competing on prices would undermine the airline\u2019s ability to charge profitable fares, pull down their profits, and push them back into the shackles of heavy losses. Thus, the worried investors sold off stocks of major airlines, wiping out nearly $12 billion of market value of the airline industry in a single trading day.<a class=\"footnote\" title=\"Trefis Team, and Great Speculations. &quot;Airlines' Stocks Drop As Fear Of Price War Clouds The Industry.&quot; Forbes. June 11, 2015. Accessed June 25, 2019. http:\/\/www.forbes.com\/sites\/greatspeculations\/2015\/06\/11\/airlines-stocks-drop-as-fear-of-price-war-clouds-the-industry\/.\" id=\"return-footnote-7377-2\" href=\"#footnote-7377-2\" aria-label=\"Footnote 2\"><sup class=\"footnote\">[2]<\/sup><\/a><\/div>\n<\/blockquote>\n<\/div>\n<h2>Common Pricing Objectives<\/h2>\n<p>Not surprising, product pricing\u00a0has a big effect on company\u00a0objectives. \u00a0(You&#8217;ll recall that objectives are essentially a company&#8217;s\u00a0business goals.) Pricing can be used strategically to adjust performance to meet revenue or profit objectives, as in the Nike example above. Or, as the airline-industry example shows, pricing can also have unintended or\u00a0adverse effects on\u00a0a company&#8217;s objectives. Product pricing will\u00a0impact each of the objectives below:<\/p>\n<ul>\n<li>Profit objective: For example, &#8220;Increase net profit in 2016 by 5 percent&#8221;<\/li>\n<li>Competitive objective: For example, &#8220;Capture 30 percent market share in the product category&#8221;<\/li>\n<li>Customer objective: For example, &#8220;Increase customer retention&#8221;<\/li>\n<\/ul>\n<p>Of course, over the long run, no company can really\u00a0say, &#8220;We don&#8217;t care about profits. We are pricing to beat competitors.&#8221; Nor can the company focus only on profits and ignore\u00a0how it delivers customer value. For this reason, marketers talk about a company&#8217;s &#8220;orientation&#8221; in pricing. Orientation describes the relative importance of one factor compared to\u00a0the others. All companies must consider customer value in pricing, but some have an orientation toward profit. We would call this profit-oriented pricing.<\/p>\n<h3>Profit-Oriented\u00a0Pricing<\/h3>\n<p><strong>Profit-oriented pricing<\/strong> places an emphasis\u00a0on the finances of the product and business. A business&#8217;s profit is the money left after all costs are covered. In other words, profit = revenue &#8211; costs. In profit-oriented pricing, the price per product is set higher than the total cost of producing and selling each product to ensure that the company makes a profit on each sale.<\/p>\n<p>The benefit of profit-oriented pricing is obvious: the company is guaranteed\u00a0a profit on every sale. There are real risks to this strategy, though. If a competitor has lower costs, then it can easily undercut the pricing and steal market share. Even if a competitor does not have lower costs, it might choose a more aggressive pricing strategy to gain momentum in the market.<\/p>\n<p>Also, customers don&#8217;t really\u00a0care about the company&#8217;s costs. Price is a component of the value equation, but if the product fails to deliver value, it will be difficult to generate sales.<\/p>\n<p>Finally, profit-oriented pricing is often a difficult strategy for marketers to succeed with, because it limits flexibility. If the price is too high, then the marketer has\u00a0to adjust other aspects of the marketing mix to create more value. If the marketer invests in the other three Ps\u2014by, say, making improvements to the product, increasing promotion, or adding distribution channels\u2014that investment will probably require\u00a0additional budget,\u00a0which will further raise the price.<\/p>\n<p>It&#8217;s fairly standard for retailers to\u00a0use some profit-oriented pricing\u2014applying a standard mark-up over wholesale prices for\u00a0products, for instance\u2014but that&#8217;s rarely their only strategy. Successful retailers will also adjust pricing for some or all products in order to increase the value they provide to customers.<\/p>\n<h3>Competitor-Oriented Pricing<\/h3>\n<p>Sometimes prices are set almost completely according to\u00a0competitor prices. A company simply copies the competitor&#8217;s pricing strategy or seeks to use price as one of the features that differentiates the product. That could mean either pricing the product higher than competitive products, to indicate that the firm believes it to provide greater value, or lower than competitive products in order to be a low-price solution.<\/p>\n<p>This is a fairly simple way to price, especially with products whose pricing information is easily collected and compared. Like profit-oriented pricing, it carries some risks, though. Competitor-oriented pricing doesn&#8217;t fully take into account the value of the product to the customer vis-\u00e0-vis\u00a0the value of competitive products. As a result, the product might be priced too low for the value it provides, or too high.<\/p>\n<p>As the airline example illustrates, competitor-oriented pricing can contribute to a difficult market dynamic. If players in a market compete exclusively on price, they will erode their profits and, over time, limit their ability to add value to products.<\/p>\n<h3>Customer-Oriented Pricing<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4509 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/09\/28185237\/Price-Value_Equation_pptx.jpg\" alt=\"Price-Value Equation: Value equals Perceived Benefits minus Perceived Costs.\" width=\"530\" height=\"119\" \/><\/p>\n<p><strong>Customer-oriented pricing<\/strong> is also referred to as value-oriented pricing. Given the centrality of the customer in a marketing orientation (and this marketing course!), it will come as no surprise that customer-oriented pricing is the recommended pricing approach because\u00a0its focus is\u00a0on providing value to the customer. Customer-oriented pricing looks at the full price-value equation (Figure 1, above; discussed earlier in the module in &#8220;Demonstrating Customer Value&#8221;) and establishes the price that balances the value. The company seeks to charge the highest price <em>that supports the value received<\/em> by the customer.<\/p>\n<p>Customer-oriented pricing requires an analysis of the customer and the market. The company must understand the buyer persona, the value that the buyer is seeking, and the degree to which the product meets the customer&#8217;s need. The market analysis shows\u00a0competitive pricing but also pricing for substitutes.<\/p>\n<p>In an attempt to bring the customer&#8217;s voice into pricing decisions, many companies conduct primary market research with target customers. Crafting questions to\u00a0get at the value perceptions of the customer is difficult, though, so marketers often turn to something\u00a0called the <span style=\"color: #333333;\">Van Westendorp<\/span> price-sensitivity meter. This method\u00a0uses the following four questions to understand customer perceptions of pricing:<\/p>\n<blockquote>\n<ol>\n<li>At what price would you consider the product to be so expensive that you would not consider buying it? (Too expensive)<\/li>\n<li>At what price would you consider the product to be priced so low that you would feel the quality couldn\u2019t be very good? (Too cheap)<\/li>\n<li>At what price would you consider the product starting to get expensive, such that it&#8217;s not out of the question, but you would have to give some thought to buying it? (Expensive\/High Side)<\/li>\n<li>At what price would you consider the product to be a bargain\u2014a great buy for the money? (Cheap\/Good Value)<\/li>\n<\/ol>\n<\/blockquote>\n<p>Each of these questions asks about the customer&#8217;s perspective on the product&#8217;s value, with price as one component of the value equation.<\/p>\n<div class=\"textbox tryit\">\n<h3>Practice Question<\/h3>\n<p>\t<iframe id=\"assessment_practice_46476dfe-0aca-429b-a0ac-f845259d00f8\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/46476dfe-0aca-429b-a0ac-f845259d00f8?iframe_resize_id=assessment_practice_id_46476dfe-0aca-429b-a0ac-f845259d00f8\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-7377\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Pricing Objectives. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Practice Question. <strong>Authored by<\/strong>: Robert Danielson. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-7377-1\">Jordan. \"Nike Price Hikes Drive U.S. Sneaker Growth.\" Footwear News. July 14, 2014. Accessed June 25, 2019. <a href=\"http:\/\/footwearnews.com\/2014\/business\/news\/nike-price-hikes-drive-u-s-sneaker-growth-144128\/\" target=\"_blank\" rel=\"noopener\">http:\/\/footwearnews.com\/2014\/business\/news\/nike-price-hikes-drive-u-s-sneaker-growth-144128\/<\/a>. <a href=\"#return-footnote-7377-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><li id=\"footnote-7377-2\">Trefis Team, and Great Speculations. \"Airlines' Stocks Drop As Fear Of Price War Clouds The Industry.\" Forbes. June 11, 2015. Accessed June 25, 2019. <a href=\"http:\/\/www.forbes.com\/sites\/greatspeculations\/2015\/06\/11\/airlines-stocks-drop-as-fear-of-price-war-clouds-the-industry\/#2715e4857a0b103622d442d5\" target=\"_blank\" rel=\"noopener\">http:\/\/www.forbes.com\/sites\/greatspeculations\/2015\/06\/11\/airlines-stocks-drop-as-fear-of-price-war-clouds-the-industry\/<\/a>. <a href=\"#return-footnote-7377-2\" class=\"return-footnote\" aria-label=\"Return to footnote 2\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":26,"menu_order":22,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Pricing Objectives\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Practice Question\",\"author\":\"Robert Danielson\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"7cb6bece-d465-4d90-84f8-db0ad920d469, 6bc36539-d9e8-43d9-908b-043953b427ce","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-7377","chapter","type-chapter","status-publish","hentry"],"part":10800,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/7377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/users\/26"}],"version-history":[{"count":13,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/7377\/revisions"}],"predecessor-version":[{"id":15381,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/7377\/revisions\/15381"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/10800"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/7377\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/media?parent=7377"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=7377"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=7377"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-introductiontobusiness\/wp-json\/wp\/v2\/license?post=7377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}