Posted in Marketing and Strategy Terms, Total Reads: 2202

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

Browse the definition and meaning of more terms similar to Price. The Management Dictionary covers over 7000 business concepts from 6 categories. This definition and concept has been researched & authored by our Business Concepts Team members.

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