Pricing is one of the major elements in marketing mix. This strategic tool has much to do with product promotion and positioning. Processes like market analysis, targeting and segmentation forms part of developing a better marketing strategy. Developing marketing strategy, market mix decisions, estimation of demand, etc are some of the factors to be considered while developing pricing strategy. Calculation of fixed and variable costs incurred while developing a product must also be considered. Environmental factors like competitor’s action, legal constraints, etc along with pricing objectives helps in determining pricing strategies.
Learn more on the factors to be considered while determining the price
