The price in marketing is the sum of money that is charged for a product or service and is paid by the people who purchase it. When a business creates a product and is prepared to launch it on the market, one of the fundamental factors for it to be positioned and marketed successfully is knowing what the price is in marketing and knowing how to set the appropriate value.
Therefore, establishing a pricing strategy can help position the product and make the business profitable. Of course, as long as it is combined appropriately with the other elements of the marketing mix . Do you want to know more about what price is in marketing and what is its importance as an instrument to grow businesses? So, read on!
What is price in marketing
Before talking about what price is in marketing, it is important to define price in a general way. In turn, it is what a customer is willing to pay for it. Many market leaders have tried to explain what price is in marketing. Let’s look at some examples:
Philip Kotler and Gary Armstrong defined price as “the amount of money charged for a product or. Service or the sum of the values that consumers company data give in exchange for having or using the product or service.” Stanton, Etzel and Walker understand that “price is the amount of money or other useful elements to acquire a product.” These authors considered “that price can imply something more than money.”
What elements should you consider when setting prices
When talking about pricing in marketing (including digital marketing ). We refer to the process by which a business determines the monetary remuneration it will receive in exchange for the products or services it offers. So, when setting prices, you must take EW Leads into account the following elements: 1. Costs Costs are the expenses that your business has had to assume from. The production of the product or service until it reaches the customer’s hands. Therefore, these expenses include.