BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business’s marketing plan.
Detailed explanation-2: -Key Takeaways. A marketing mix often refers to E. Jerome McCarthy’s four Ps: product, price, placement, and promotion.
Detailed explanation-3: -Cost-based pricing is a pricing method that is based on the cost of production, manufacturing, and distribution of a product. Essentially, the price of a product is determined by adding a percentage of the manufacturing costs to the selling price to make a profit.
Detailed explanation-4: -Value-Based Pricing Strategy A value-based pricing strategy is when companies price their products or services based on what the customer is willing to pay. Even if it can charge more for a product, the company decides to set its prices based on customer interest and data.