08/06/2016
MARKETING MIX PART 3(PRICE)
Price is a very essential element as far as business is concerned. High price may imply high quality, hence helping in getting trust from potential customers. But high prices can also scare away customers on the other hand. Low prices can help in attracting customers as it is affordable, but it also scare away customers as low prices may also imply low quality on the other side. So we can see that serious and much research is needed before charging a price of a product because it has serious effects if poorly charged.
Therefore a comprehensive research must be conducted on the market to make right decision on what price to charge to gain and retain customers for your business survival on the market.