Which aspect of the marketing mix is primarily responsible for determining the actual selling price of a product?

The aspect of the marketing mix that is primarily responsible for determining the actual selling price of a product is price. The price element specifically focuses on how much customers will pay for a product, which can be influenced by factors such as costs, competition, perceived value, and market demand.

Setting a price involves various strategies, such as penetration pricing, skimming, or competitive pricing. These strategies help businesses to position their products effectively in the market and achieve their profit objectives. In contrast, the product aspect refers to the features and quality of the item being sold, promotion relates to the advertising and communication strategies used to inform customers, and place deals with how the product is distributed and where it is sold. Thus, price is distinctly dedicated to establishing the monetary value of the product in the marketplace.