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5. Price -
making it easy for the customer to buy. The marketing view of pricing takes
account of the value of a product. Its quality, the ability of the customer to
pay, the volume of sales required the level of market saturation and the prices
charged by the competition. Too low a price can reduce the number of sales just
as significantly as too high a price. A
low price may increase sales but not as profitably as fixing a high, yet still
popular, price.
6. Promotion -
presenting the product to the customer. Promotion involves considering the
packaging and presentation of the product, its image, the product name,
advertising and slogans, brochures, literature, price lists, after-sales
service and training, trade exhibitions or fairs, public relations, publicity,
and personal selling, where the seller develops a relationship with the
customer. Every product must possess a «unique selling proposition» - features
and benefits that make it unlike any other product in its market.