In today's world of cutthroat competition among companies, pricing is very important. It is one of the major factors that decide the profitability and overall existence of the company. As one of the four p's pricing strategically is important to the company. As price is affecting both the number of sales an organization makes and how much money it earns, right pricing is one of the key factors of success for a product as well as the company which manufactures the product.
Peter Rix defines pricing as" the value expressed in money terms" (Rix Peter, Marketing a practical…
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