"Price":

Question

"Price":

Quizplus · Accepted Answer

Price is affected by various factors including competition in the target market. Other factors that affect price include production costs, demand and supply, and customer perception of the product's value. Markups, discounts, allowances, and freight charges are also part of the price element in the marketing mix. However, price alone is not the most important part of the marketing mix, as other elements such as product, place, and promotion also play a significant role in the success of a marketing strategy.