• It refers to the economic value (i.e. Monetary Value) of a product or service which a buyer pays to the seller.
• A product cannot be launched without a price. At least some guidelines for pricing are always there while launching the product.
• Products: Price of Car, laptop, Bread etc.
• Services: Fee of Doctor/lawyer, Fare of Bus/Train/Airplane, Premium of Life/Medical Insurance etc.
(B) PRICE MIX
• It is an essential element of a marketing mix, which is used to decide the price of the product or service after analyzing the factors influencing it.
Price is the only element that talks about revenue. Do you know that there are certain factors to be considered while fixing the price of a product. What are those?