Page 78 - EBOOK DPM 10013 POM-FINAL 25.10.2021
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LEARNING OBJECTIVES:
Explain pricing
Examine the major pricing strategies
Examine new product pricing strategies
Exibit the product mix pricing strategies
6.0 PRICING
Pricing is the process by which a company determines
the price at which it will sell its goods and services, and it
is often a cornerstone of a company's marketing strategy.
The cost of a product or service in terms of money.
The value exchanged by customers for the benefits of
owning or using a product or service.
Price is the amount of money charged for a product or service, or the sum of all sum of all
the values that customers give in order to gain benefits of having or using a product or
service (Kotler & Armstrong,2010)
Prices relates to the perceived value at the time of the transaction and depends on the
amount of expected satisfaction to be received from the goods or services. It is not based
on actual satisfaction because consumption is normally done after the transaction.
(Yusniza kamarulzaman, 2013) .
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