(a) What is Pricing? Pricing is the process of determining what a producer will charge in exchange for its products. OR Pricing is the process of assigning a monetary value to goods and services by a firm. OR Pricing is the process adopted by a firm in setting the selling price of its products.
(b) Explain Marketing Concept: It is a business philosophy/ideals/policy/plans/strategies which holds that a company must determine the needs and wants of specific target market by delivering the desired satisfaction more effectively and efficiently than competitors. OR The marketing concept holds that, achieving organizational goals depends on knowing the needs and wants of the target market and delivering the desired satisfaction better than competitors do. OR The marketing concept is a management orientation Which sees the consumer as the central focus of all the activities of the organization.
(c) List and Explain the four Elements of Marketing Mix:
(I) Product:
(ii) Price:
(iii) Place;
(iv) Promotion.
of the marketing mix:
(i) Product - product refers to anything that can be offered to a market for attention, Consumption acquisition, use or that would satisfy consumer wants d needs, OR Product is something that is capable of satisfying consumer needs or wants. OR Products can be tangible or intangible offering by a Company that satisfies Consumers needs and wants.
(ii) Price - This is the amount of money paid by a customer to obtain a product. OR Price is the value assigned/tagged to a product by the seller.
(iii) Place - This is otherwise known as distribution. It is the company's activities that make the product available to target customers. It takes the form of channels, storage, coverage, transportation and logistics available to the company.
(iv) Promotion - These are various activities that communicate the merits of a product and service by persuading Customers to buy the product. It is in a form of advertising, personal selling, sales promotion, public relations and publicity