Question

The objectives and goals of a pricing strategy are one of the most overlooked elements in the marketing mix. Many firms use simplistic approaches to pricing and fail to recognize the strategic importance that solid pricing objectives can offer.

Answer 1

Many firms use simplistic pricing strategies because they fail to recognize the complications of the market. The market is filled with competitors who are providing similar products with similar price ranges along with fringe benefits too.

A firm needs to explore the benefits of solid pricing strategy so they combat the competition and be the priority option of the customers.

I hope the answer was helpful.

Thanks for asking