which element of the marketing mix is directly related to the value a product delivers to consumers, as well as the value it captures for the firm in terms of revenue and profits? multiple choice question. place product price promotion

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04-11-2022
Business

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which element of the marketing mix is directly related to the value a product delivers to consumers, as well as the value it captures for the firm in terms of revenue and profits? multiple choice question. place product price promotion

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-11-08T00:30:52-05:00

Price is that element of marketing mix that is directly related to the value of a product delivers to consumers, as well as the value it captures for the firms in terms of revenue and profits.

Pricing is a crucial aspect of the marketing mix. When establishing product prices, every business should make strategic choices in order to achieve its goals. Advertising Mix The only component that creates revenue is price; the other three components are expenditures. Price refers to the sum of the values that consumers exchange for the pleasures of possessing or enjoying a product or service. It may also be defined as the amount of amount charged for a good or service.

The only single factor that is adaptable and adjustable rapidly is price. On the other hand, the other aspects of the marketing mix, such as the advertising activities and channels of distribution, might elevate the cost.

Keep the organization's strategic target in mind as you establish the pricing. For instance, if a marketer sets both excessively high prices or too inexpensive, the growth of sales may well be impacted.

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