Answer to Question #154886 in Marketing for HH

Question

Explain the improtant of Pricing in the marketing mix .What are the determinants in pricing a product .

Answer 1

Pricing is important to the marketing mix because it is the basis for generating profits, it shows marketers' assessment of the value customers see in the product or service and how much they are willing to pay for the product or service.

Determinants of pricing

·        Product Cost

·        The Utility and Demand

·        Extent of Competition in the Market

·        Government and Legal Regulations

·        Pricing Objectives

·        Marketing Methods Used