The price component of a marketing mix is:
a. a competitive weapon for companies.
b. decided after the promotion strategies are finalized.
c. the starting point of the marketing mix.
d. the least flexible element of the marketing mix.
ANSWER: a
Price is what a buyer must give up in order to obtain a product. Price is an important competitive weapon, and is very important to the organization because price multiplied by the number of units sold equals total revenue for the firm.
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