Explain the importance of pricing in marketing and describe the cost structure of airlines.
Pricing is an important aspect of Marketing. So it needs to be done carefully. That is why organizations formulate pricing policies and strategies to fix the price of their products. Pricing affect the sales as well as the profit of the company. It is an important task. It is a factor which determines the acceptance of the product in the market thereby it determines the future of the product in the market. The first sept in pricing is to determine the base price of the product, which includes the decision on pricing objectives.
If we want to get a product from the market we have to pay some money for it. Price is the money paid by us for a product. Therefor, Price is the exchange value of a product expressed in terms of dollar/Euro/Pound/rupee/yen or any other monetary unit.
Role and importance of pricing in marketing
Any product or services which is of commercial value has a price. Not only the physical products has a price, but also the services provided has a price. We use different names to call the price of a service. For example, the price for the services of a bus, train or airways are called "fare". Rent is the price of hiring a home or a shop. The risk covered by the insurance company is known as "premium". "Tuition fee" is the price of providing education. "Interest" is the price charged on borrowed money.
Adam Smith has defined the concept of price as "the price of everything, what everything really costs, is the toil and trouble of acquiring it".
Price plays an
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