Price Decisions

The price variable refers to what the consumer must give up to purchase a product or service. While price is discussed in terms of the dollar amount exchanged for an item, the cost of a product to the consumer includes time, mental activity, and behavioral effort.18 The marketing manager is usually concerned with establishing a price level, developing pricing policies, and monitoring competitors' and consumers' reactions to prices in the marketplace. A firm must consider a number of factors in determining the price it charges for its product or service, including costs, demand factors, competi-

Exhibit 2-24 The packaging creates product image

Exhibit 2-25 Packaging may also add product benefits

Exhibit 2-24 The packaging creates product image

Exhibit 2-25 Packaging may also add product benefits

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