If we focus on the concept of marketing, there are a number of things that are involved in the entire process of marketing. It is important to notice here that every component has its own significance and it all depends on how you exploit a certain factor for your own use.
Like if we focus on pricing, you can have a price of your own or you can go for market analysis and then decide the right price for your product. In the same manner, if you want to place your product randomly, it is totally your choice. In case if you want to conduct a survey and then choose the best placement position for your product by keeping in view the number of target audiences in each area, you will get more advantages.
Buying behaviour of the consumer:
The same is the case with the marketing of the product and with the promotion of the product. If we focus on pricing only, it is still thought to be one of the most significant marketing component and the one that plays an important role in affecting the buying behaviour of the consumer.
Pricing is the only thing that matters:
A number of people still believe that pricing plays the most important rather foremost role in altering the buying behaviour of the people. It is true to a larger extent and many would disagree with it. Whenever a customer visits a certain store, the first thing that takes his or her attention is the pricing. He demonstrates the significance of pricing and how it can affect the overall marketing strategy that you designed for your product.
Relative advantage and pricing:
Relative advantage is another significant concept that requires the utmost attention owing to a number of reasons. People check the relativity in terms of pricing as well while buying any product and compare it with other products available on the market shelf.
What customers expect from a product?
Customers expect multiple benefits from a product in a limited price range that is affordable. Therefore, it is important to lay more emphasis on the pricing element and making it affordable for consumers. In addition to it, pricing must be in line with the prices of other products available in the market.
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