Marketing Mix ( price ) .

Marketing Mix

PRICE

What is The concept of price ?

price is a simple word we hear it a lot of times in a day and we hear it in a lot of places , we hear it in market , shops and in economic news .If you want to buy a quantity from food so you will give the seller a quantity from money and take quantity from food , here we call the quantity from money ( price ) .. In the most times the price which you pay it equiponderate what you took . I said that In the most times not at all times .
The concept of price is central to microeconomics where it is one of the most important variables in resource allocation theory (also called price theory).And as you read Price is also one of the four variables in the marketing mix that business people use to develop a marketing plan.

The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the product. The business may increase or decrease the price of product if other stores have the same product. also it is the result of an exchange and from that trade we assign a numerical monetary value to a good, service or asset. If I trade 4 tomatoes for a carrot, the price of a carrot is 4 tomatoes. Inversely, the price of a tomato is 1/4 carrot.

In general terms price is the result of an exchange or transaction that takes place between two parties and refers to what must be given up by one party ( buyer ) in order to obtain something offered by another party ( seller ).

Pricing:This refers to the process of setting a price for a product, including discounts. The price need not be monetary it can simply be what is exchanged for the product or services ( time, energy, or attention )