Assignment 1: Pricing StrategyPrice is an important element of the marketing mix

Assignment 1: Pricing StrategyPrice is an important element of the marketing mix. Create a 300400-word response and describe the importance of pricing in the marketing mix. Describe three different pricing strategies and provide a real-life example of each in action. Suggest another strategy that would have worked better. What are the steps that need to be followed for developing the pricing of a new product? Can these steps be interchanged? Why?Submit your response to the Discussion Area by Saturday May 17 2014. Be sure to properly cite your sources using APA; include your references and in-text citations.Comment on the postings of your classmates. Do you agree with their position? Why or why not?