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Question
What are the components of 'price mix'?
Solution
- Price mix involves decisions regarding the basic price of the product, discount, allowances, credit and terms of payment, etc. Price means the money value that the customer has to pay in exchange for the product.
- Price mix should be decided to keep in view the cost of producing and marketing the product, the purchasing power of the target group of customers, the degree of competition in the market, the profit margin desired by the seller, discounts and allowances to be offered to dealers and customers as incentives, etc.
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