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Factors affecting the Price of a Product - Pricing, Principles of Marketing Video Lecture | Principles of Marketing - B Com
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FAQs on Factors affecting the Price of a Product - Pricing, Principles of Marketing Video Lecture - Principles of Marketing - B Com
| 1. What are the main factors that affect the price of a product? |  |
Ans. The main factors that affect the price of a product include the cost of production, demand and supply dynamics, competition in the market, the value perceived by customers, and external factors such as government regulations or taxes.
| 2. How does the cost of production influence the price of a product? | |
Ans. The cost of production plays a significant role in determining the price of a product. If the production cost is high, the price of the product will also be higher to cover the expenses and ensure profitability. Conversely, if the production cost is low, the price of the product can be set at a more competitive level.
| 3. Why is demand and supply important in pricing decisions? | |
Ans. Demand and supply play a crucial role in pricing decisions because they determine the equilibrium price of a product in the market. When the demand for a product is high and the supply is limited, the price tends to increase. On the other hand, when the demand is low and the supply is abundant, the price may need to be lowered to stimulate demand.
| 4. How does competition affect the pricing of a product? | |
Ans. Competition in the market has a direct impact on the pricing of a product. In a highly competitive market, businesses often engage in price wars to attract customers, leading to lower prices. On the other hand, in a monopolistic or less competitive market, businesses may have more control over pricing and can set higher prices.
| 5. What role does customer perception play in pricing decisions? | |
Ans. Customer perception of value is a crucial factor in pricing decisions. Customers are willing to pay more for a product if they perceive it to have higher value or quality. Therefore, businesses need to consider customer perceptions and ensure that the price aligns with the perceived value of the product.
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Dec 23, 2024 Last updated |
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