"Price" component of the Marketing Mix refers to the strategy used by businesses to determine the cost of their products or services, ensuring it aligns with their target market, competition, and value proposition. IT companies need to consider factors such as production costs, software licensing, maintenance, and support services when setting prices. The price must reflect the perceived value of the technology, offering a competitive advantage while also considering customer willingness to pay. Pricing models in IT can vary, ranging from subscription-based pricing, pay-per-use, and freemium models, to one-time purchases. The right pricing strategy not only impacts profitability but also customer adoption and retention.