Truth 42. Pricing: The most dicey element in the marketing mix
Of the four elements of a business’s marketing mix—product, price, promotion, and place (or distribution), price is often the toughest. A business doesn’t want to undercharge for its products and services and leave money on the table, nor does it want to overcharge and drive business away.
The price a company charges for its products and services also sends a clear message to its target market. For example, Oakley positions its sunglasses as innovative, state-of-the art products that are both high quality and visually appealing. This position in the market suggests the premium price that Oakley charges. If Oakley advertised innovative, state-of-the art products but charged ...
Get Entrepreneurship Lessons for Success (Collection) now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
