Question

Why is price important in the marketing mix?

Answer 1

Price is important in the marketing mix because it reflects the marketer’s perspective about the value of the product or service that they are providing to the customers and how much customers are actually willing to pay for that particular product or service.

In general, a high price for the product or service will limit growth by influencing sales. Similarly, a lower price will also give the impression that the quality of the product is not up to the standard.

Therefore, pricing is important as it can negatively affect sales and cash flow.

Also read:

• Marketing Philosophies
• What Is Promotion
• MCQs on Marketing Mix
• What Is the Difference Between Selling and Marketing
• Marketing Mix
• What Is Sales Promotion

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