(BB 301) Marketing Management Sr. No. Questions 1. What is a new product? Discuss the process of new product development? 2. New product development strategy. 3. Explain Identify market needs. 4. Explain identify issues and approaches. 5. How a marketer can set the price of any product or service? 6. Steps in price setting explain ? 7. Discuss the importance of pricing in marketing. Ans. The price is the amount a customer pays for the product. The price is very important as it determines the company's profit and hence, survival. Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, often; it will affect the demand and sales as well The price you set sends a message
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