🔥 Fun Fact: Price is like the superstar of the marketing mix! Why? Because it's the only "P" bringing in the moolah for a business. The other Ps? They just spend it.

It's what you pay to get that shiny new thing or experience. Businesses have to play the pricing game smart to meet their goals.

Here's how it works: a. Calculate the average cost of making something. b. Decide the profit you want (as a %) and slap it on top of that average cost.

🍪 Real-world example: Let’s bake this idea into something delicious. Imagine making 10,000 biscuits costs $20,000. You want a 50% profit on each biscuit pack. So, each pack would be sold for $3!

Set a low initial price -> Attract lots of customers -> Gain market share -> Slowly increase the price.

🛋 Real-world example: IKEA did this cha-cha in the Chinese market. Started cheap, grabbed attention, and then adjusted prices.

Sell something super cheap, even at a loss, hoping customers will buy other, pricier things.

🛒 Real-world example: Ever noticed how supermarkets have some suspiciously cheap items? They hope while you're there, you'll also pick up a $10 artisanal loaf of bread.

Price so low, your competitors can't survive. Once they're gone, raise your prices and roll in the cash.

📚 Real-world example: ABC Food Ltd and even Amazon have used this. It's a bit like a cat playing with its prey!