The role of pricing extends beyond simply determining the cost to the customer; it’s a critical element in the marketing mix that affects demand, profitability, market entry, and competitive positioning. Effective pricing strategies help businesses achieve financial goals, convey value to consumers, and adjust to market dynamics. Pricing decisions influence customer perceptions, brand equity, and overall market share, making it a strategic tool for achieving business objectives, fostering customer loyalty, and driving long-term success.
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