There are different elements called marketing mix that include product, people, place, promotion and price. Each one of them is equally important for successful business. Every organization has to give equal importance to every element. But pricing is something which is different from other 4 elements. Because other 3 elements are cost centred elements that increases the expense of the company. Whereas pricing is revenue generating element. Elements like place, product, promotion require investment of money. These are the areas where a firm spends but in case of pricing, company expects revenue and money coming in. A good pricing helps the firm in achieving good sales, profit, competitive advantage etc.

Note:- There are two more Ps included in marketing mix are process and physical evidence.