Lesson 6 focuses on the concept of price. It begins by defining price in relation to the closely connected concepts of cost and value. As the only element of the marketing mix that directly and immediately impacts revenue, price facilitates exchanges, aids in comparisons, stimulates competition, reflects supply and demand, and influences perceived quality. The lesson offers a comprehensive overview of the primary pricing strategies, including cost-based pricing, premium pricing, penetration pricing, skimming pricing, and dynamic pricing, among others. Finally, a series of pricing tactics is also discussed, highlighting their application for making short-term adjustments.