Definition
Price is the formal ratio that indicates the quantity of money, goods or services needed to acquire a given quantity of goods or services – the amount a customer must pay to acquire a product. [1]
Along with product, place, and promotion, price is one of the 4Ps of the marketing mix. [2]
Price sensitivity refers to the degree to which demand for a given product is affected by a change in its price. [2]
Price threshold refers to the lowest or highest price that customers are willing to pay for a particular good or service. [1]
See Also
Price discrimination
Price premium
Price per statistical unit
References
- American Marketing Association, AMA Dictionary.
- Govoni, N.A. Dictionary of Marketing Communications, Sage Publications. (2004)