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Price is an important element of the marketing mix. Describe the importance of pricing in the marketing mix. Describe three different pricing strategies and provide a real-life example of each in action. Suggest another strategy that would have worked better. What are the steps that need to be followed for developing the pricing of a new product? Can these steps be interchanged? Why?
Submit your answers in a three-page Microsoft Word document
Cite any sources you use using the APA format on a separate page.

  1. Described the importance of pricing in the marketing mix.
  2. Described three different pricing strategies and provided a real-life example of each in action.
  3. Analyzed and explained another strategy that would have worked better.
  4. Examined and explained the steps that need to be followed for developing the pricing of a new product.
  5. Analyzed and justified if these steps can be interchanged.
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