(Answered) : Define pricing and the two approaches to pricing. Outline the advantages and disadvantages of each approach.

Define pricing and the two approaches to pricing. Outline the advantages and disadvantages of each approach.

Expert Answer

#Pricing:
– Price is the core part of the marketing mix: 4Ps namely, Place, Promotion, Place, and Price.
– It is the only element which generates revenue. Other marketing mix elements such as promotion & advertisement, NPD, competitive analysis, place & regional analysis require expediture.
– Setting appropriate pricing ratios is the foremost crucial thing in the success of the product/service.
– To implement the pricing strategy, a company needs a good analysis & estimation of consumers buying behavior.
– The price is mainly defined as

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