Entrepreneurship Week#5-6

refers to the tangible good or intangible

service offered by the business to the target

consumers.

in the marketing mix simply refers to

the place where the target consumers are.

The concept of pricing relative to the marketing mix

can be viewed from two opposing perspectives,

namely, the perspective of the entrepreneur who

produces the product and the opposing perspective

of the consumers who ultimately buy the product.

When the supply of the competing products is high,

the price of the product is usually low.

• AVAILABILITY OF THE COMPETING PRODUCTS

• COST OF MAKING THE PRODUCT

The term cost simply refers to the amount spent by the

manufacturer in view of the expected future benefits

• AVAILABILITY OF THE COMPETING PRODUCTS

• COST OF MAKING THE PRODUCT

refers to the wages paid to the workers

who are directly involved in manufacturing the

product.

includes indirect materials and

labor and other expenses like the cost of light, water,

fuel, or machinery maintenance

pertain to the materials that form

part of the finished product.

are used as raw materials of other

manufacturing entities. These products usually have

higher prices compared to consumer products

are used and consumed by

individual consumers. These products may be further

classified into convenience product, shopping

product, and highly priced product.