11 Educational and Economic Features in Relation to the Marketing Strategy and Marketing Mix

Abstract

The price of a product is influenced in its turn affects many variables of marketing during the
marketing planning. Price fixing procedure is a marketing decision that involves consideration of
three categories of factors, namely: (1) costs; (2) the request; (3) competition. Everything has a
cost-this principle expresses the fundamental idea that nothing is free, any action involving a price,
time, effort, giving up something in favor of something else when we are in a position to make a
choice. Because the individual has more needs than resources, any choice you make involves a
certain cost, called opportunity cost.