Pricing or Price is the key element in the traditional
marketing mix (the 4Ps) and also the enhanced marketing mix (the 7 Ps). This is
the element which earns revenue. This is highly critical because this is the
strategy which can make or mar the business. The firms must make it both ways
–the price must
(1) Get profits for the firm, and
(2) Give value to its customers.
For goods the price has a single name “Price”, but for
services it has several names like:
· Allowance
· Assessment
· Bribe
· Brokerage
· Commission
· Consideration
· Contribution
· Coupon Rate
· Cut
· Expenses
· Fare
· Fees
· Honorarium
· Interest
· Package
· Premium
· Rate
· Remuneration
· Rent
· Retainer (Fee)
· Salary
· Service Charge
· Subscription
· Tariff
· Taxes
· Ticket
· Tip
· Token
· Toll
· Tuition
· Wages
· Hair Cut
Pricing for goods is easy and straight forward, while for services it is complicated, may be controlled by several authorities, varies with time, place, people, etc.
[ Please visit my earlier Blog on 15-Jan-2022 on "Cost, Price & Value" here:
Himansu Sekhar's BLOG: January 2022 (hisema.blogspot.com) ]
