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| Topic: |
Business
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| Number of pages / Number of words: |
6 / 1507 |
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Price is defined as, "the amount a customer pays for a product" (Wikipedia, 2006). The pricing of a product is determined by several factors. These factors include the production cost of the good, the demand for the good or service and the response to competitors. Since the price of a product or service is normally the deciding factor in choosing one brand over another; price is a common area of the marketing mix that can be used to make strategic changes...
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Since the price of a product or service is normally the deciding factor in choosing one brand over another; price is a common area of the marketing mix that can be used to make strategic changes. A strategic change is a change that is very drastic. A company may choose to decrease the price of a product greatly vin order to promote it or gain an edge over the competition...
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