The price is of one of the four Ps that depends on market demand.
The four Ps of marketing are
- Product: The goods or service is how well satisfy customer demands
- Price: Pricing must be according to the income of people and it is linked with market demand.
- Place: Where the product is sold and must be approachable to customers.
- Promotion: How you promote your product.
The price is directly linked with market demand. As the demand increases the price will also increase and as the demand for a certain product will decrease the price will also decrease. The price of the product must cover all costs incurred on the product. If the business is selling a Brand the prices are comparatively higher as people are willing to pay high prices, but for local products increase in demand will directly result in an increase in the price.
Therefore, price depends on market demand
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