MANAGEMENT

Detailed explanation-1: -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-2: -What are the 4Ps of marketing? (Marketing mix explained) The four Ps are product, price, place, and promotion. They are an example of a “marketing mix, ” or the combined tools and methodologies used by marketers to achieve their marketing objectives.

Detailed explanation-3: -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-4: -Pricing strategy determines the marketing budget The price of a product online determines how much margin that product will make, a portion of which can be used for marketing. If the product has high margins, marketers have more money to market a product.