In ordinary usage. Economists sometimes define price in a more general or abstract sense to the widely understood definition price is defined as the ratio between the quantity of goods that are exchanged for each other in a transaction. price is the quantity of payment given from one party to another in return for goods or services. . In other words Price is defined as the cost at which something is obtained.

 Role of marketers Decisions to be taken  Relation of price with the demand of the product No products can be launched without price tag or pricing guidelines .

and quality of product.Pricing is the process of determining what a company will receive in exchange for its products. the rest being cost centers. promotion. competition. market place. market condition. The other three aspects are product. Pricing is a fundamental aspect of financial modeling and is one of the four Ps of the marketing mix. . Price is the only revenue generating element amongst the four Ps. Pricing factors are manufacturing cost. Pricing is also a key variable in microeconomic price allocation theory. and place.

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