GENERAL KNOWLEDGE

Detailed explanation-1: -The pricing function involves determining and adjusting prices to maximize return and meet customers’ perceptions of value. This often involves deciding how much to charge for products so customers will want to buy and businesses will make a profit.

Detailed explanation-2: -The key purpose of marketing is to get people interested in the products or services of a company. This happens through market analysis, research and contemplating the interest of a business’s ideal customers and attracting them through messaging which would be educational and helpful to a business’s target group.

Detailed explanation-3: -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-4: -Profit-Oriented Pricing Objectives Profit-maximization pricing means setting prices so that total revenue is as large as possible relative to total costs. This is the prime pricing strategy to use if you are in a monopoly.