describe in detail the factor responsibe for determing the price of goods
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Product Cost: The most important factor affecting the price of a product is its cost. ...
The Utility and Demand: ...
Extent of Competition in the Market: ...
Government and Legal Regulations: ...
Pricing Objectives: ...
Marketing Methods Used:
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price is a value in monetary terms that one party pays to another in a transaction in exchange for some goods or services. So the definition of price is the amount of money the buyer will pay as consideration to the seller in exchange for goods or services.
Pricing isn’t always as easy as setting a price the seller hopes to obtain. It involves aspects such as demand and supply, cost of the product, its perception and value for the customer and many such factors.
So while pricing a product, the company has to take immense care and consideration. If the price is too high or even too low the product will fail in the market. This is also the reason why the determination of price is not a one-time event. A company changes the prices according to the market conditions and other circumstances.
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