The marketing mix: Price
Price is very important part of the marketing mix. It affects:
- whether people can afford the product and how quickly the business’s sales will grow
- how competitively it is priced compared to rival product - a business that is competitive is more likely to grow
- the product’s image - high price often means high quality to many consumers. Setting a low price for Sony TVs, for example, might actually reduce the chances of the business growth.