Price Decisions:

The second marketing mix variable is the price. A simple term but with many dimensions. Price is the value placed on a good or service by the customers at some point in time. A product placed in the market with a price higher or lower than the value perceived by potential customers does not really contain the customer orientation necessary to market that product. Price may go by many other names e.g. rent, fees, wages, interest, honorarium, salary etc. All these terms mean one thing-what customers pay for a good or a service.