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State the term - Price
Price is the amount charged for a service or product. It's the second most important element in marketing mix. Fixing the price of product is a tricky job. Many factors like demand for a product, cost involved, consumer' s ability to pay, prices charged by competitors for similar products, government restrictions etc. have to be kept in mind when fixing the price. Actually, pricing is a very crucial decision area as it has its effect on demand for product and also on the profitability of firm.
Companies are forced to follow sales orientation because the results are measured in short term and incentives are based on short term achievements. This leads to a high level of r
Illustrates the term product? In straightforward words we can say that Product is anything which can be given to a market to satisfy a need or want. This represents a solution
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