Which of the following is true about price?
A) Price has no psychological impact on customers.
B) Price always takes the form of money paid.
C) Price relates directly to variable costs.
D) Marketers do not use price symbolically.
E) It is the only marketing mix variable that can be changed quickly to respond to shifts in demand.

Question

Quizplus · Accepted Answer

Price is the only marketing mix variable that can be easily and quickly adjusted to respond to changes in demand. Additionally, pricing strategies can have a strong psychological impact on customers, affecting their perception of a product's quality and value. Price is also not limited to the form of money paid and can include non-monetary costs such as time or effort. Finally, marketers can use pricing symbolically to communicate a product's status or exclusivity.

Which of the Following Is True About Price