Educational and Economic Features in Relation to the Marketing Strategy and Marketing Mix
Educational and Economic Features in Relation to the Marketing Strategy and Marketing Mix

Summary/Abstract: The price of a product is influenced in its turn affects many variables of marketing during the marketing planning. Price fixing procedure is a marketing decision that involves consideration of three categories of factors, namely: (1) costs; (2) the request; (3) competition. Everything has a cost-this principle expresses the fundamental idea that nothing is free, any action involving a price, time, effort, giving up something in favor of something else when we are in a position to make a choice. Because the individual has more needs than resources, any choice you make involves a certain cost, called opportunity cost.

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