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Price may also refer to the sacrifice consumers are prepared to make to acquire a product (e.g. Price is the only variable that has implications for revenue.Price also includes considerations of customer perceived value.
Price refers to decisions surrounding "list pricing, discount pricing, special offer pricing, credit payment or credit terms".
Price refers to the total cost to customer to acquire the product, and may involve both monetary and psychological costs such as the time and effort spent in acquisition.
Given the valuation of customers towards potential product attributes (in any category, e.g.
product, promotion, etc.) and the attributes of the products sold by other companies, the problem of selecting the attributes of a product to maximize the number of customers preferring it is a computationally intractable problem.
Market research is the pillar to benefit from using marketing mix or the four (4) main tools to market your business.
It is what will prompt you to identify essential and critical information you need to use the 4Ps – product, price, promotion, and place/placement (consumer, cost, communication, and convenience).
Place is defined as the "direct or indirect channels to market, geographical distribution, territorial coverage, retail outlet, market location, catalogues, inventory, logistics and order fulfilment".
Place refers either to the physical location where a business carries out business or the distribution channels used to reach markets.
People are essential in the marketing of any product or service. In the professional, financial or hospitality service industry, people are not producers, but rather the products themselves.
When people are the product, they impact public perception of an organization as much as any tangible consumer goods.