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The Marketing Mix: Price (Pricing strategies (A business can adopt new…
The Marketing Mix: Price
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Pricing strategies
If the product can easily be distinguished from other products in the market then it is probably a branded product.
If a product is branded, it will have a distinctive name and packaging, and be aimed at a particular part of the market
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Price will not just be determined by demand and supply in the market, the producer will have a lot of influence o the price of the product
If a product has a lot of competitors in its market, the price changes will be very important
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Sometimes businesses might charge what they think the consumer will pay and this may be well above the manufacturing cost
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