Describe the steps you would take if you were purchasing a new automobile. Although this sounds simple we must consider all aspects: your needs/wants, the manufacturer, the model, the location, the financing, the features, the benefit over other models, your budget, maintenance. Once a vehicle has been selected and the above criteria have been explained work through how the vehicle is priced from the supplier perspective. Considering all aspects of production, raw materials, transportation, service offerings, margins, and any other pricing considerations that will arise. Focus on thinking through every aspect possible. Challenge yourself on how much detail goes into your purchase decision and how much detail goes into an organization pricing decision