What is price and significance under the marketing mix?
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Price is a significant component of the marketing mix. It plays a crucial role in influencing customer behavior and purchase decisions. The pricing decision affects sales, customer loyalty, and is often seen as a proxy for quality . However, pricing is often overlooked and considered the most deserted element of the marketing mix . The difficulty in pricing decisions arises from a lack of knowledge about customer reactions to pricing strategies . Understanding consumer perceptions and reactions to prices is essential for effective pricing of new products . Price is also important for business survival in a competitive market, as it contributes to market share and growth . In summary, price is a crucial component of the marketing mix that influences customer behavior, purchase decisions, and business survival in a competitive market .
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| Papers (4) | Insight |
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Open access•Journal Article 3 Citations | The paper discusses the importance of pricing methods in forming a marketing mix strategy, but it does not specifically define the term "price" or discuss its significance under the marketing mix. |
31 May 2019 | The paper states that price is one of the variables in the marketing mix and it has a positive and significant influence on purchasing decisions. |
01 Jan 2015 7 Citations | The paper mentions that pricing is a significant component of the marketing mix as it increases sales, influences customer loyalty, and serves as a proxy for quality. |
| The paper discusses the role of price in the marketing mix. Price is the amount that represents the value of a product or service and plays a significant role in attracting customers, creating a first impression, satisfying customers, and differentiating a business from its competitors. |
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