Price

What is the role of price in the marketing mix?

• Price is the 2nd “P” in the Marketing Mix

• Price is the 1 st “P” in the Marketing Mix

• Price is the 3 rd “P” in the Marketing Mix

• Price is the 4 th “P” in the Marketing Mix

Price is the amount of money a customer is willing to pay for a product.

• True

• False

Price is not the element of the marketing mix that helps a business to earn revenue.

• True

• False

Businesses in a competitive market might have to charge similar prices to their competitors.

• True

• False

Setting the correct price is important because of the

• Demand

• Quality

• Value

• All of the above

The ------------- of a product is measured by comparing product and price.

(a)  

-------------- for a product might change according to price.

(a)  

The ----------- of the product is judged by its price.

(a)  

Sometimes if the price is ------, people want the product because it is seen as exclusive

(a)  

A competitive market is a market with a large number of businesses who have the same customer.

• True

• False