Price is a strategic variable, and hence pricing strategy should be developed using a rational, analytical approach, or an intuitive one.

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Price is a crucial element of a company's overall marketing strategy, and it should be based on various factors such as cost, competition, customer demand, and economic conditions. Therefore, a rational, analytical approach should be used to develop pricing strategies to maximize profits and gain a competitive edge. However, pricing decisions may also involve intuitive judgements based on market trends, consumer behavior, and other subjective factors.

Price Is a Strategic Variable, and Hence Pricing Strategy Should