Product - The good or service being marketed to the target audience, Price - The cost of a product or service, Consumer product - These are goods which are consumed by people. E.g. food and cleaning materials., Consumer services - These are services that are produced for people. Eg. hairdressing and education., Producer goods - These are goods that are produced for other businesses to use. E.g. machinery and components., Producer services - These are services that are produced to help other businesses. Eg. accounting, insurance and advertising., Cost-plus pricing - The cost of manufacturing the product plus a profit mark-up., Penetration pricing - When the price is set lower than the competitor’s prices in order to be able to enter a new market, Price skimming - Where a high price is set for a new product on the market., Competitive pricing - When the product is priced in line with or just below competitor’s prices to try to capture more of the market., Promotional pricing - When a product is sold at a very low price for a short period of time.,

4Ps: Product and price

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