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Answer:
One of the most significant components of the marketing mix is ‘price’. The price of a product takes into account its production cost as well as the profit margin that the company wishes to charge from its customers, which would be its major source of income. A company considers three aspects when determining the price of its products, i.e. cost, competition and consumer demand. In addition, as the product moves through its life cycle, its pricing strategies are adjusted accordingly.
Explanation:
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