What is Price in Marketing?

Learn Price definition in marketing with explanation to study “What is Price”. Study price explanation with marketing terms to review marketing course for online MBA programs.

Price Definition

  • Amount of money charged for a product or service; the sum of the values that customers exchange for the benefits of having or using the product or service.

    Principles of Marketing by Philip T. Kotler, Gary Armstrong

Price Explanation

Cost is the measure of cash that your clients need to pay in return for your item or administration. Deciding the correct cost for your item can be somewhat precarious. A typical procedure for starting private companies is making a deal estimating impression by evaluating their item lower than their rivals. In spite of the fact that this may lift introductory deals, low value as a rule compares to low quality and this may not be what clients to find in your item. Your evaluating methodology ought to mirror your item's situating in the market and the subsequent cost should take care of the expense per thing and the net revenue. The sum ought not extend your business as hesitant or ravenous. Low evaluating obstructs your business' development while high valuing shows you out of the challenge.

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