The price component of a marketing mix is:
A)a competitive weapon for companies.
B)a basis to obtain a product differentiation advantage.
C)the starting point of the marketing mix.
D)the least flexible element of the marketing mix.

Question

Quizplus · Accepted Answer

Pricing strategies can be used as a competitive weapon to gain market share or to maintain a competitive advantage. Companies can strategically set prices to either undercut competitors or highlight the unique value proposition of their products.

Answer: B 
 Price can be used as a basis to differentiate a product from its competitors. Setting prices lower or higher than competitors can send a message to consumers about the quality or uniqueness of a product.

Answer: C 
 Price is one of the four Ps of the marketing mix, which includes product, price, promotion, and place. These four elements must be considered together when developing a marketing strategy, but price is often considered the starting point because it determines how much revenue will be generated.

Answer: D 
 Price is actually one of the most flexible elements of the marketing mix. Companies can adjust prices for different markets, customer segments, or seasons. They can also use variable pricing strategies such as discounts or promotional pricing to stimulate sales.

The Price Component of a Marketing Mix Is