Jeffrey opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on?

a. price

b. place

c. promotion

d. product

e. prototype

a. price

Explanation:

Price is the amount of money that your customers have to pay in exchange for your product or service. Determining the right price for your product can be a bit tricky.

Pricing is one of the most important elements of the marketing mix, as it is the only element of the marketing mix, which generates a turnover for the organisation. The other 3 elements of the marketing mix are the variable cost for the organisation;

a. price

Explanation:

Price is the sum of money that consumers have to pay for their product or service in return.

A common approach for starting small companies is to create a feeling of discount pricing, by selling their product below their competitors.

While this may improve initial sales, low prices are usually the same as low quality, and it might not be what consumers see in your brand.