In developing marketing strategies, why is price often the most challenging of the four Ps to manage?

A) most managers feel it is the least important element of the marketing mix
B) it is the least understood element of the marketing mix
C) it has to be based on the promotion budget for the product
D) it is difficult to calculate markups for products
E) managers don't understand the relationship between benefits and costs

Marketing Strategies

Comprehensive plans formulated to reach marketing goals, such as increasing brand awareness or market share, through a coordinated set of actions involving product, price, place, and promotion.

Four Ps

The Four Ps refer to Product, Price, Place, and Promotion, a marketing mix model that companies use to consider and adjust their marketing strategy and approach to market effectively.

Price

The amount of money that must be paid to acquire a good or service.