Question : Which element of the marketing mix relates to the amount customers are willing to pay for a product or service?
Option 1: Product
Option 2: Place
Option 3: Price
Option 4: Promotion
Answer (1)
25th Jan, 2024
Correct Answer: Price
Solution : The correct answer is (c) Price
The element of the marketing mix that relates to the amount customers are willing to pay for a product or service is "Price." Price represents the monetary value assigned to a product or service and is determined based on various factors, including production costs, competition, demand, and perceived customer value. Setting the right price is essential for effectively positioning the product or service in the market and maximizing profitability.
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