Which of the following statement is true about the price component of a marketing mix?
a. It is the quickest element to change.
b. It is the least important of the four Ps.
c. It is the starting point of the marketing mix.
d. It is decided independently of the external environment of the business.
ANSWER: a
Price is what a buyer must give up in order to obtain a product. It is often the most flexible of the four Psâ€"the quickest element to change. Marketers can raise or lower prices more frequently and easily than they can change other marketing mix variables.
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The law firm of Regal and Porter is examining its client base to determine how profitable its regular clients are. Its analysis indicates that Hawthorne, Inc. paid $179,200 in fees last year, but cost the firm $208,600 ($168,000 in billable labor, supplies, and copying, and $40,600 in allocated common fixed costs). If Regal and Porter dropped Hawthorne, Inc. as a client, and all fixed costs are unavoidable, how would profit be affected?
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