The Marketing Mix is based on the fact that price is not the only factor that decides whether customers will buy from you or not. In fact, in some cases people never buy the cheapest!!
Do you know anyone who has taken 3 quotes and then decided to employ, or buy, from the middle priced quote. The error many new businesses make is to assume that if they are cheaper than the competition then customers will buy - this is not necessarily so
For many new start businesses it is often better to consider an equal, or higher, price than the competition. Then, if you decide to lower the price, your existing customers will be happy - whereas if you charge too little and have to raise the price, your existing customers may leave you
Product
Is your product or service totally unique? Unless so, it's likely that someone else is servicing your potential clients already.
Understanding your product or service fully will allow you to promote it to potential clients more effectively - try to think of the reasons why your product would be the most important factor to your clients -
Is it new / different / unusual / designed to fill an identified need?
Do you provide more than the competition in terms of guarantee / quality / after care / finance?
Does your product answer a problem customers may have or fulfil a need that no-one else can?
Is what you provide, or sell, the most important reason people buy from you?
Price
Are you less expensive, or more expensive than the competitors? Some people will not buy the cheapest, assuming that cheap means inferior.
Look at your customer profile. If they want it cheap, and price is the most important factor to them, that's OK - but if not, then price advertising and promotion will not work.
A certain end ...