Concepts in Cost and Price Analysis

Price is set by all the companies for all the products. Price is there for everything.We pay fare for bus, taxi, airline, railway, auto rickshaw etc. We also pay rent for our house, electricity bill, telephone bill etc. Salary given to an employee is also a price. According to Kotler, "Price is the marketing-mix element that produces revenue; the other elements produce costs. Price is also one of the most flexible elements: It can be changed quickly, unlike product features and channel commitments or terms of business. Price is set independent of the rest of the marketing mix rather than as an intrinsic element of market positing strategy; and price is not varied enough for different product items, market segments, and purchase occasions."

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