KKP 5A 7ps marketing mix- product and price

product

is a good or service that can be offered in an exchange for the purpose of satisfying a need or want

price

the amount of money paid by customers for a product or service

pricing methods:

cost plus marketing, market pricing, competition based pricing

pricing method: cost plus pricing

the business determines the total cost of production and adds an amount for profit

pricing method: competition based pricing

often used when there is a high degree of competition from businesses producing similar products

pricing method: market pricing

business sometimes set prices according to the level of supply and demand