Which of the following statements is true of the price component of a marketing mix?
A)It does not affect a firm's competitive advantage.
B)It is the least important of the four Ps of the marketing mix.
C)It is what a buyer must give up in order to obtain a product.
D)It is decided independently of the external environment of the business.

Question

Quizplus · Accepted Answer

The price component of a marketing mix refers to what a buyer must give up in order to obtain a product. This implies that the price is a critical component of the marketing mix because it has a direct impact on the consumer's ability and willingness to purchase the product. The price also affects a firm's competitive advantage as it is a significant factor in the customer's decision-making process. The price component of a marketing mix is determined by a range of factors, including external environmental factors such as market demand, competition, and economic conditions. Therefore, choice A, B, and D are incorrect.

Which of the Following Statements Is True of the Price