One of the four major elements of the marketing mix is price. Pricing is an important strategic issue because it is related to product positioning. Furthermore, pricing affects other marketing mix elements such as product features, channel decisions, and promotion. Price is the one element of the marketing mix that produces revenue; the other elements produce costs. Prices are perhaps the easiest element of the marketing program to adjust; product features, channels, and even promotion take more time. Price also communicates to the market the companys intended value positioning of its product or brand. A well-designed and marketed product can command a price premium and reap big profits
Pricing Strategy
- Thread starter abhineetbhardwaj
- Start date