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Simplistically speaking, price is the consideration given by the customer in exchange for a product in a commercial transaction. Anytime anything is sold, there must be a price involved. One of the four elements of the marketing mix, price is an important and strategic one. For, it not just apprises the customer about the value of the product but also communicates across its various features such as the product quality and its positioning. Too often when managers think about pricing, the first question they ask themselves is, “What should the price be?” In fact, what they must be asking is, “Have we addressed all the considerations that affect the final price?” To work effectively, pricing efforts must complement an overall marketing strategy by sending a message that it is in sync with the company’s desired product image. Developing a pricing strategy is one thing; managing the change process to embed that strategy in the organization is quite another. The truth is that implementing effective pricing strategy involves changing the expectations and behaviors of all of the actors involved in the sales process.


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