MANAGEMENT

Detailed explanation-1: -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).

Detailed explanation-2: -Price is the only element in the marketing mix that produces revenue; all other elements present costs. Price is also one of the most flexible marketing mix elements. Unlike product features and channel commitments, prices can be changed quickly.

Detailed explanation-3: -What are the 4 P’s of marketing mix? The 4 P’s are Product, Price, Place, and Promotion.

Detailed explanation-4: -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.