DQ 2 MKTWK 1 - The marketing mix is comprised of product,...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
The marketing mix is comprised of product, price, promotion, and place. All four of these components work together and my assigned piece is price. Price refers to assigning a value to a product. Price can be used to attract customers. This can be seen in any grocery flyer with boy one get one free offers or a percentage off. Consumers love sales and they feel they are getting a greater value for a lesser amount because they are getting the item at a discounted amount. Price is determined by many factors. Price is determined by the value of a product or the value the marketer is trying to convey. Consider two similar ear buds; one set sold for $5.99 and the other for $19.99. The automatic assumption is that the higher priced ear buds will give a higher quality sound. However, the $5.99 ear buds may be just as good but the company is trying to sell their product to a lower income marketing group and can afford to sell them at that price point.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.
Ask a homework question - tutors are online