3rd Weekly Assessment in Principles of Marketing

It is a tangible item that is put on the market for acquisition, attention, or consumption. 

It is an intangible item, which arises from the output of one or more individuals

Software is an intangible product that is also perishable. 

It creates lasting impressions, shareable moments, lifetime reminders.

Deciding how much to charge for your product does not require more thought than simply calculating your costs and adding a mark-up.

Pricing a product is one of the most important aspects of your marketing strategy.

It is known as figuring out how much the customer values your product or service and pricing it accordingly.

It is setting a price based on what the competition charges.

It is simply calculating your costs and adding a mark-up.

It is setting a high price and lowering it as the market evolves. 

It is setting a low price to enter a competitive market and raising it later.

Entrepreneurs often used cost-based pricing because it’s easier. They may also copy the prices of their competitors, which, while not ideal, is a slightly better strategy.

In an ideal world, all entrepreneurs should not use value-based pricing.

Pricing needs to match your target market.

It is the system through which an organization acquires raw material, produces products, and delivers the products and services to its customers.