used to refer to anything which is offered for sale on a market that is capable of satisfying consumer wants & needs
it includes not only physical objects but aswell as services, places and ideas.
product is often regarded as the most important element of the marketing mix; if a firm producing a product does not satisfy a need or a want it will generate no sales, regardless of how it is priced or promoted.
the amount of money a firm requires in return for providing its good or services.
the pricing strategy will depends on factors such as...
- the nature of the product being sold
- the level of competition the firm faces
- the cost of producing a product
Pricing Strategy -;
competitive pricing occurs when a firm sets its price at a level which is at or just below the price charged by its main competition. it could lead to a price war which could be both risky & expensive for the business.
penetration pricing is often used when a new product is being introduced into the market which is already relatively competitive.
if a firm is able to drive…