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Question
Explain the following term/concept in detail.
Pricing of Product
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Solution
Pricing is one of the most important as well as challenging functions of marketing. Many times price of the product decides the success or failure of the product. Pricing plays an important role in the market where there is cutthroat competition. While determining the price of the product businessman needs to consider factors like cost, desired profit, price of the competitor's product, demand for the product, market condition, etc. Business needs to change prices as per the need of the market. If prices are too high, it might lose customers but if prices are too low, it might suffer losses. So deciding the right price needs extensive market research.
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