Business Ideas What is price?

[Mataracy]

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.

 

[Lens1000]

It's the amount of money required or given in payment for something. It could also be an unwelcome condition or action undergone or done as a condition of achieving an objectives .
These two context are from different point of view. You could pay an ultimate price for something. Also, you could pay the price tagged to a commodity. Which ever way you want to put it , all points to the meaning of price in different ways.

 

[sincerem]

Yes, every business enterprise, individuals selling whatever can put a fix price for their products. Every one has its own preferences when it comes to making prices of its commodities. Without those prices their is no how the business will actually know how much he or she spent and how much that will be counted as profit to him or her.

 

[Augusta]

Price to me is the amount a product or service cost after deducting all the production expenses. The price must be determined that at the end of the day profit will be made. So to get the price of a product you need to factor in all its expenses to get it right