Price is an element of the marketing mix. As a result, it is a major decision area for marketing management as it is the only element of the marketing mix that produces revenue. This is to say it is through price that the profit maximization objective of marketing is achieved.
It is also true that price means different things to different people; the buyer and the seller inclusive. Different people depending on the transaction that is taking place therefore call it different names. These and other issues affect the marketer as will be seen on in this article.
Meaning of Price
Ordinarily speaking, price is the amount of money that customers pay for product. This definition is deficient
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