Author Question: Why has price become such a dynamic element of the marketing mix?[br][br][b][color=#347235]Question ... (Read 55 times)

jake · **on:** Jun 29, 2018

Why has price become such a dynamic element of the marketing mix?

Question 2

The personal interview is especially useful for obtaining unstructured information.

Indicate whether the statement is true or false

zoeyesther · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

Price is the only element of the marketing mix that generates revenue; all the others are costs. It should therefore be used as an active instrument of strategy in the major areas of marketing decision making. Price serves as a means of communication with the buyer by providing a basis for judging the attractiveness of the offer. It is a major competitive tool in meeting and beating close rivals and substitutes. Competition will often force prices down, whereas intracompany financial considerations have an opposite effect. Prices, along with costs, will determine the long-term viability of the enterprise.

Answer to Question 2

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