Why is price so important in marketing ? – InterviewSolution

InterviewSolution

1.	Why is price so important in marketing ?
Answer» Price is an important element of marketing mix due to the following reasons : `(i)` It determines the sales volume and profit margin of the manufacturer/dealer. `(ii)` It influences the competitive strength of a product. `(iii)` It affects promotion and place components of marketing mix. `(iv)` It determines the purchasing power and standard of living of consumers. `(v)` Without pricing, there can be no marketing, as sales takes place after the buyer and seller agree on the price.

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