Page 20 - MARKETING MIX

In ordinary usage, price is the PRICING

quantity of payment or
Definitio
Price is the amount of moneyn
compensation given from one party

to another in return for goods or

services. Price can be seen in

different forms such as fee, rent,

wage, deposit and installment.

According to Middleton (2017),

"Pricing is one of the most

important elements in the tourism

marketing mix. Tourism customers

rate the product at a price and

without a price there is no

indication of value. Pricing

decisions are therefore essential for

the profitability of the tourist

establishment, as it has a

tremendous impact on demand and

sales volume. Pricing is also often

considered an indication of quality.

Although the pricing element is the

most important one of the

marketing mix in terms of

profitability, pricing cannot be seen

in isolation from the other

elements".

charged for a product or service, or

the sum of the values that

consumers exchange for the

benefits of having or using the

product or service.
14 Credit : https://www.canva.com/design