Marketing - What is the RIGHT Price for a Product?

The video tutorial discusses the key factors marketers must consider when setting the price of a product. These include production costs, strategic goals, delivery costs, taxes, tariffs, and legal regulations. Each factor plays a crucial role in determining the right price to ensure profitability and market competitiveness. The tutorial emphasizes the importance of careful consideration of these elements to avoid common pricing pitfalls.

Why is it crucial for marketers to set a price higher than production costs?

• To ensure the product is affordable

• To reduce production costs

• To guarantee profitability

• To increase market competition

What strategic goal might influence a company's pricing decision?

• Enhancing product design

• Targeting market share

• Increasing employee benefits

• Reducing production time

How do delivery costs affect pricing decisions?

• They are irrelevant to pricing strategy

• They always decrease the product price

• They can increase the final price of the product

• They have no impact on pricing

What must companies consider when selling products internationally?

• Product packaging design

• Employee training programs

• International tariffs and taxes

• Local advertising costs

Why is it important to consider legal issues in pricing?

• To enhance product features

• To increase production speed

• To ensure compliance with regulations

• To avoid unnecessary marketing expenses