MANAGEMENT

Detailed explanation-1: -Price is the most important factor for a consumer when it comes to making a purchase decision. Rarely will it be otherwise. As such, the right kind of pricing strategy can help achieve organisational goals.

Detailed explanation-2: -Price is the most important factor when purchasing all types of shopping goods.

Detailed explanation-3: -Importance of Factor Markets Labour is the most important factor in production. One of the defining characteristics of a market economy is the existence of factor markets for the allocation of the production factors, especially for capital goods.

Detailed explanation-4: -What Are the 4 Ps of Marketing? Product, price, promotion, and place form the four Ps of the marketing mix. These are the key factors that are involved in introducing a product or service to the public.

Detailed explanation-5: -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.