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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