Characterization of Product Mix Pricing

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Marketers have essentially four variables to use when crafting a marketing strategy and writing a marketing plan. They are price, promotion, product and distribution (also called placement).
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<br>There is no standard way to determine price, however here are the steps used in pricing strategies:
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<br>1. Development of marketing strategy--here you perform marketing analysis, segmentation, targeting and positioning.
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<br>2. Make marketing mix decisions--define product, promotional and distribution tactics.
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<br>3. Estimate the demand curve.
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<br>4. Calculate costs--estimate variable and fixed costs associated with the ...