Marketing Mix:

Marketing deals with everything in market, from the perspective of the customer, like pricing and relations as well as the macro picture like competition, state of the economy

There is a difference between branding and packaging. Packaging may involve the materials involved in packaging. the shape, the size etc. Branding is the logo

A market for a consumer is to buy stuff while for a producer a market is a place where it has an active presence for selling, distribution etc

Income Elasticity

Factors do not equal to methods

Factors of Price Determination

• Costs of production

• Competitive setting, business environment

• Business Objectives

• Price elasticity of demand for the product

Methods of price determination

• Markup pricing

Variable costs = Direct Costs = Costs of Production = Direct Expenses

Fixed Costs = Indirect costs = overheads = expenses