setting a price for the product or service is one element of the marketing mix.
setting a price for the product or service is one element of the marketing mix.
Answer: Yes, that’s correct. Pricing is one of the four elements of the marketing mix, along with product, promotion, and place (also known as distribution).
Setting an appropriate price for a product or service is important because it can influence consumer perception of value, affect sales volume and revenue, and impact overall profitability. It’s also important to consider factors such as competition, production costs, and target market when setting prices.
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