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Describe the importance of pricing in the marketing mix

Marketing

Price is an important element of the marketing mix. Create a 300-400-word response and describe the importance of pricing in the marketing mix. Describe three different pricing strategies and provide a real-life example of each in action. Suggest another strategy that would have worked better. What are the steps that need to be followed for developing the pricing of a new product? Can these steps be interchanged? Why?

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