Last, but by no means least, is price, perhaps the most complex of the four
Ps. Because value is subjective—and solely determined by the customer—
pricing is an art, never a science. In the past, pricing has been largely determined
on a cost-plus basis, once again focusing on the internal costs and
activities rather than the external value and results created. Such pricing
policies are relying on a silent fifth P of marketing—prayer—by hoping
internal costs plus desired profit has a direct correlation to value for the customer,
an improbable reality, as we shall see.