This post has all you need to know about the Marketing Mix. This post covers PRICE.
Price in the Marketing mix is important. Having identified the right product to appeal to its target market, the business must set the right price. The ‘right’ price for a Versace handbag might be £1,200 – it is a great mistake to think that low prices or special discounts are the path to business success. With Price in the marketing mix, there is a lot to take into account before a business can finally decide what the price of their product or service will be. Now with any one element of the mix you must ask yourself questions to help identify it’s importance.
- The quality of the product – usually, the higher the quality (if that may be real quality or perceived quality) the more premium the price is.
- How much the consumer actually wants for it – all purchases are personal and customers will pay more for goods they need or want.