Asked by Jashea Migliori on May 23, 2024
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Establishing the right price for a good or service at an appropriate level of production is a critical component of the marketing mix.
Marketing Mix
The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically includes product, price, place, and promotion.
Right Price
The optimal price point that balances profitability with customer satisfaction and demand, taking into consideration the cost of production, market conditions, and competition.
Appropriate Level
The suitable or right level or position for a specific purpose, often within an organizational or system context.
- Recognize how the aspects of the marketing mix affect the decision-making process of consumers.
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Learning Objectives
- Recognize how the aspects of the marketing mix affect the decision-making process of consumers.
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