For instance, discounting strategies could be permanently anchored in the minds of consumers, who may refuse to pay retail prices later. Pricing strategies are becoming more dynamic to keep up with highly educated consumers. Simply put, price refers to how much a customer is willing to pay for a product or service. People’s access to more immediate communication and increasing expectations are driving companies to more frequent releases of the "next best thing." For example, return policies and warranties are becoming extremely important at a time when your competitors are a Google search away. Also, there is added stress on solutions in response to more complex market expectations. The emphasis on this "P" is constantly growing as consumers are becoming more knowledgeable about, and critical of, their purchases. Product encompasses the variety, design, packaging, quality, features and positioning of a product or service.
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