Marketers hope to gain an advantage over their competitors by developing and managing at least one dimension of value in the marketing mix that surpasses all competitors in meeting customer expectations.
Marketing mix is a combination of factors that can be controlled by a company to influence consumers to purchase its products.
One such important factor is price.In the marketing mix, the term “price” refers to the cost to the customer. This requires the company to analyze the product’s value for the target customer. Examples of price include:
The price of a used product, Promotional pricing , Discounts to trade customers. Marketing professionals must analyze what buyers are willing to pay, what competitors are charging, and what the price means to the target customer when calculating the product’s value. Determining price is almost always a complicated analysis that brings together many variables.
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