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Deciding price isn’t very so simple as slapping a price tag on a product. Prosperous marketers exploration rivals’ prices and know how they can justify a higher product or service value—or make sure a cheaper price won’t Express that their solution is inferior to comparable m

Market segmentation includes getting the full heterogeneous market for a product and dividing it into quite a few sub-markets or segments, Every single of which has a tendency to be homogeneous in all substantial features.[twelve] The procedure is conducted for two principal applications: much bette