Mataracy
VIP Contributor
Ordinarily we can described as price of goods,product or services.
But to make it more clearer, we can say that price is the value, or sum of money at which a supplier of a product or service and buyer agrees to carry out an exchange transaction.
Price relates to the generation of total revenue or income and ,hence it's importance in the market mix and to small business companies.
Economically, price assists in allocating products and matching them to market opportunities from increases and decreases in demand.
Price can takes various forms, namely:
(1) Fees charge by lawyer
(2) Rent paid for the use of building or an equipment
(3) Toll fees charged for the use of a bridge or road
(4) Taxes paid for government services
(5) Interest charged for or paid on loan or deposit respectively
(6) selling price of a product.
There are two types of price namely:
(1) Fixed price: The fixed price is a price about which the buyer cannot do anything. One will either accept or steps away.
(2) Negotiable: The negotiable price is a price on which the seller and the buyer negotiate to arrive at an agreed price.
Factors that determine a price are:
(1) Level of market demand
(2) Nature and pricing Levels of competition in the market
(3) The channel if distribution
(4) production cost
(5) consumer perception (though this can be stimulated) etc..
My question is ; what is price?
Give your own explanation.
But to make it more clearer, we can say that price is the value, or sum of money at which a supplier of a product or service and buyer agrees to carry out an exchange transaction.
Price relates to the generation of total revenue or income and ,hence it's importance in the market mix and to small business companies.
Economically, price assists in allocating products and matching them to market opportunities from increases and decreases in demand.
Price can takes various forms, namely:
(1) Fees charge by lawyer
(2) Rent paid for the use of building or an equipment
(3) Toll fees charged for the use of a bridge or road
(4) Taxes paid for government services
(5) Interest charged for or paid on loan or deposit respectively
(6) selling price of a product.
There are two types of price namely:
(1) Fixed price: The fixed price is a price about which the buyer cannot do anything. One will either accept or steps away.
(2) Negotiable: The negotiable price is a price on which the seller and the buyer negotiate to arrive at an agreed price.
Factors that determine a price are:
(1) Level of market demand
(2) Nature and pricing Levels of competition in the market
(3) The channel if distribution
(4) production cost
(5) consumer perception (though this can be stimulated) etc..
My question is ; what is price?
Give your own explanation.