Foundations of Marketing 5th Edition by Ferrell,William Pride

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The appropriate pricing of a product is an important factor in developing a successful marketing strategy. The price contributes to the profitability of the product and can deter competition from entering the market. A clear understanding of pricing concepts is essential in developing strategy and the marketing plan. Consider the information in this chapter when focusing on the following issues:
Does your company currently compete based on price or nonprice factors Should your new product continue with this approach