a. Correlation between selling and marketing? b. How to choose the best price strategy for your business? c. Which factors determine your price? d. How to differentiate between pure good and pure service? e. What are the areas for ideas screening?

A

a. While both marketing and selling are inseparable in business, the concepts are not the same thing. Marketing is associated with getting customers to come to stores, buy products, or pay for services; thus, it means capturing attention and building relationships. Selling, on the other hand, is associated with completing a transaction – getting money from customers in exchange for services or products.

b. Choosing the best pricing strategy is a complex process because there is no unified strategy that can fit all businesses. Depending on the type of product or service that business offers, an appropriate strategy (e.g., penetration, premium, competition, etc.) is chosen. Also, businesses look at their target audience to identify the most suitable pricing approach.

c. There are several factors that determine optimum price for services and products. They include the demand for product or service, the value that customers receive, prices that rival businesses set, and the chosen business and product placement strategy. By looking at these aspects, a company can decide whether a certain product or service should be priced either for $2 or $20,000 and so on.

d. A differentiation between pure goods and pure services lies in the tangibility of both notions. While a pure good is tangible (for example, car wash shampoo), a pure service is intangible (for example, getting a car washed). However, it should be mentioned that tangible goods are often used for providing intangible services.

e. Idea screening is a process that involves the selection of ideas for evaluating their potential. Key areas for idea screening include product, market, intellectual property, human resources behind the idea, profitability, and additional resources required for the idea’s implementation.

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Academic.Tips. (2021) 'a. Correlation between selling and marketing? b. How to choose the best price strategy for your business? c. Which factors determine your price? d. How to differentiate between pure good and pure service? e. What are the areas for ideas screening'. 20 July.

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Academic.Tips. (2021, July 20). a. Correlation between selling and marketing? b. How to choose the best price strategy for your business? c. Which factors determine your price? d. How to differentiate between pure good and pure service? e. What are the areas for ideas screening? Retrieved from https://academic.tips/question/a-correlation-between-selling-and-marketing-b-how-to-choose-the-best-price-strategy-for-your-business-c-which-factors-determine-your-price-d-how-to-differentiate-between-pure-good-and-pure-serv/

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Academic.Tips. 2021. "a. Correlation between selling and marketing? b. How to choose the best price strategy for your business? c. Which factors determine your price? d. How to differentiate between pure good and pure service? e. What are the areas for ideas screening?" July 20, 2021. https://academic.tips/question/a-correlation-between-selling-and-marketing-b-how-to-choose-the-best-price-strategy-for-your-business-c-which-factors-determine-your-price-d-how-to-differentiate-between-pure-good-and-pure-serv/.

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Academic.Tips. "a. Correlation between selling and marketing? b. How to choose the best price strategy for your business? c. Which factors determine your price? d. How to differentiate between pure good and pure service? e. What are the areas for ideas screening?" July 20, 2021. https://academic.tips/question/a-correlation-between-selling-and-marketing-b-how-to-choose-the-best-price-strategy-for-your-business-c-which-factors-determine-your-price-d-how-to-differentiate-between-pure-good-and-pure-serv/.

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