Price

Posted in Marketing and Strategy Terms, Total Reads: 945
Advertisements

Definition: Price

It is the quantity of payment one party does to the other in return of goods or services.

The price includes the profit or the margin of the seller.

It is one of the 4 important aspects of marketing mix. That is the 4Ps of marketing.

Deciding the price of the product or pricing is very important. It helps the company to decide the price and what it will get in return of its product.

It is based on: -

  • Manufacturing cost
  • Market place
  • Competition
  • Market condition
  • Quality of product.

Features of a good price: -

  • Achieve profitability
  • Customers should buy the product


Advertisements



Looking for Similar Definitions & Concepts, Search Business Concepts