Question:
"They are able to charge higher price than their competitors." Which element of marketing mix is discussed in the statement?
"They are able to charge higher price than their competitors." Which element of marketing mix is discussed in the statement?
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Price mix covers pricing strategies including premium pricing, discounts, and competitive pricing that influence demand, revenue, and brand positioning.
Updated On: May 16, 2025
- Product mix
- Price mix
- Promotion mix
- Physical distribution mix
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The Correct Option is B
Solution and Explanation
This refers directly to the Price component of the marketing mix. Charging a higher price than competitors reflects strategic pricing decisions, often influenced by factors such as perceived product quality, brand equity, cost structure, and market demand. A premium price may indicate a differentiation strategy where customers perceive added value or exclusivity. Price influences not only revenue and profitability but also affects the product’s market positioning and customer segment targeting.
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