Question

Name the methods used for pricing. Define marketing mix. Draw a chart showing the components and sub-components of the mix.

Answer 1

Following are the main methods of pricing:

(a) Cost plus Pricing Method
(b) Variable Price Method
(c) Base Price and Discounts Method
(d) Market Rate Method
(e) Skimming Price Method
(f) Penetrating Pricing Method

Marketing Mix is the business tool which is used in marketing and by the marketers. It refers to the set of actions, orphans, that a company adopted to promote its brand or product.

Following are few of the components of marketing mix:

• Product Price
• Place
• Promotion

Following are few of the sub-components of marketing mix:

• People
• Process
• Physical Evidence
• Cost
• Channel