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Definition: Pricing

One of the four tools of marketing mix is Pricing. Pricing consists of list price, pricing policies, discounts, allowances, payment period, credit terms etc. Pricing produces revenue. It is perhaps the easiest element in the marketing mix which can be adjusted. It also communicates to the market the firm’s intended value positioning of its product or brand. A well designed marketed product can command a price premium and make a healthy bottom line.

The major steps in a Pricing policy are show below:

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