Meaning of price, Marketing Management

Meaning of price:

Price is the marketing mix element that product revenue, the other producer costs. Price is also one of the most flexible elements: it can be changed quickly, unlike product features and channel commitments. Price may be defined as the exchange of the goods or services in item of money. Without price there is no marketing, in the society. If money is not there, exchange of the goods can be undertaken but without price there is no exchange value of a product or the service agreed upon in a market transaction. Is the key factor, which affects the sales of operation? To a manufacturer price represents quality of the money for (or goods and services in a better trade) received by the firm or seller. To a customer's it represents value of a product and hence his perception value of the product. 

Posted Date: 9/19/2012 6:47:40 AM | Location : United States

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