Question

hi friend I have new question.

7)what is the meaning of price? explain the main factors of price.

Answer 1

factors factors include the offering’s costs, the demand, the customers whose needs it is designed to meet, the external environment—such as the competition, the economy, and government regulations—and other aspects of the marketing mix, such as the nature of the offering, the current stage of its product life cycle, and its promotion and distribution. the offering’s costs, the demand, the customers whose needs it is designed to meet, the external environment—such as the competition, the economy, and government regulations—and other aspects of the marketing mix, such as the nature of the offering, the current stage of its product life cycle, and its promotion and distribution.

Answer 2

Price can be defined as amount of money that has to be paid to acquire a given product or services.
Prices perform an Economic function .
The major factors affecting the price are
1. Demand
2 . Supply
But if we go in larger description then some more factors come to decide the pricing like-
1. Cost of production
2. Customer base for the product (purchasing Power or response of customers)
3. Competitors in the market
4. Regulations and laws of government
5. Promotion or Advertisement

The above factors are easily understandable