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  • Essay / Essay on Price in Marketing - 565

    Price is a factor that plays neither an important role in affecting the distribution of new products nor services in the market. Therefore, setting a price for a new product in the market is difficult (Foxall, 1984). Price is one of the elements of marketing mix, and it plays a very important role because marketers use price as a means of communicating with customers. The message is clearly perceived by the customer as what it means to the marketers (Dickson and Sawyer, 1990; Monroe and Lee, 1999; Vanhuele and Dreze, 2002). The price of a product is one of the main decision methods for both the customer and the retailers, because the market is now very competitive, the price has made its place and role in designing marketing strategies and commercial. The price has become the main point for the customer. judge what is offered on the market (Monroe, 2003; Oliver, 1997). Price is also a main factor in transactional relationships where it is one of the means used by marketers to counter the market, either to attract or retain customers or as an element of competition. ...