How should price relate to other elements of the marketing mix?

Price must align with the other elements of the marketing mix—product, promotion, and place—to create a cohesive marketing strategy. When price is consistent with the attributes and perceived value of the product, as well as the messaging in advertising and the distribution channels used, it enhances the overall effectiveness of the marketing plan.

For instance, if a product is marketed as a premium offering through high-quality advertising and is distributed through upscale retail locations, the price should reflect this positioning. If the price is significantly lower than what the marketing efforts suggest, it can confuse customers, dilute the brand image, and undermine the perceived value of the product. Therefore, integrating price with the other Ps ensures that the marketing strategy works harmoniously to effectively reach the target audience and achieve business goals.