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Critically evaluate the factors a firm might consider whensetting the prices of its products.
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Critically evaluate the factors a firm might consider when setting the prices of its products In today's commercial environment, a successful company is the one that has correctly identified the consumers' preferences and provided products or experience to satisfy them. How to be a successful company? Four general questions are posed: What should the product be? How much should be charged for it? How should the company promote it? How should they make the product available to the consumer? It is therefore crucial for a company to recognise these four important elements:> Product> Price> Promotion> Place Four Ps make up a market tool- the so-called marketing mix. A successful mix will help the firm to hold a good position in a market. Pricing is a significant part within the whole marketing strategy, it is the only element in the marketing mix that produces revenue; all other elements represent costs. One of...
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