ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Product
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Price
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Promotion
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People
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Detailed explanation-1: -Pricing is one of the four main elements of the marketing mix. Pricing is the only revenue-generating element in the marketing mix (the other three elements are cost centres-that is, they add to a company’s cost). Pricing is strongly linked to the business model.
Detailed explanation-2: -Pricing is one of the most critical elements of a product in the marketing mix. Companies have to pay money to design a product, to develop/build a product, and to promote a product. However, a product’s price is the only element in the marketing mix which generates an income for an organization.
Detailed explanation-3: -Answer: The components of the price mix are product cost, pricing objectives, profit margin, and competitor’s price.