Question

Which of the following statements is NOT correct regarding price?

	Price is the least flexible marketing mix variable to change.
	Tuition and rent are other words that also mean price.
	From a buyer's perspective price reflects what must be given up to obtain certain benefits.
	From a seller's perspective price reflects the revenue obtained for each product sold.

Answer 1

The price is not the least flexible marketing mix variable to change. Rather the changes in prices as we see in the market are quiet frequent in cases of consumer goods especially. The least flexible marketing mix variable that is difficult to change is the distribution. The logistics and different variables that go into distribution are very difficult to change.

Tuition and Rent are in other words also mean price. Tuition is the price one pays for getting education and brand is the price one pays for using somebody's space. It is also true that from a buyer's perspective price reflects what must be given up to obtain certain benefits. And from a sellers perspective price reflects the revenue obtained for each product sold.

So it is not correct regarding price that price is the least flexible marketing mix variable to change.

Hence, first option is correct.