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Questions and Answers
What is the primary function of price in the marketing mix?
What is the primary function of price in the marketing mix?
- To communicate product features
- To minimize costs
- To generate revenue (correct)
- To control distribution channels
What term is used to describe the prices set by organizations?
What term is used to describe the prices set by organizations?
- Interest
- Tolls (correct)
- Commission
- Dividends
In price planning, what is the first crucial step?
In price planning, what is the first crucial step?
- Setting pricing objectives (correct)
- Determining production costs
- Identifying target market
- Analyzing competition
What do firms have to consider while pricing products or services?
What do firms have to consider while pricing products or services?
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What broader objectives should pricing objectives support?
What broader objectives should pricing objectives support?
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Study Notes
Price in the Marketing Mix
- The primary function of price in the marketing mix is to generate revenue and profit.
Pricing Terminology
- The term used to describe the prices set by organizations is "pricing policy".
Price Planning
- The first crucial step in price planning is to define pricing objectives.
Pricing Considerations
- Firms have to consider several factors while pricing products or services, including production and distribution costs, competitor prices, target audience's willingness to pay, and the product's or service's perceived value.
Broader Objectives
- Pricing objectives should support broader business objectives, such as increasing market share, maximizing profits, or achieving social goals.
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