ENTREPRENEURSHIP

Detailed explanation-1: -Price in marketing mix refers to the value we pay in exchange for the product and services offered by a company. Price is considered a vital element of the marketing mix because it dictates a company’s survival and profit. Pricing of a product plays an important role in determining the success of a company.

Detailed explanation-2: -The 4 Ps of marketing are a collection of four essential elements of a marketing campaign-namely product, price, promotion, and place. Also known as “the marketing mix, ‘’ the 4 Ps collectively create a framework for organizing and planning a marketing strategy for a product or service.

Detailed explanation-3: -Price. The sale price of the product reflects what consumers are willing to pay for it. Marketing professionals need to consider costs related to research and development, manufacturing, marketing, and distribution-otherwise known as cost-based pricing.