It should be noted that competition, channel members, costs, customers, and company objectives can be referred to as the components of pricing.
Pricing simply means the process where a business sets the price at which it sells its goods and services. It is the process by which a business sets the price at which the company will sell its product.
Competition, channel members, costs, customers, and company objectives are the five critical components of pricing. The components are vital to determining an effective price.
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