PRICING STRATEGIES AND METHODS/PRICE DETERMINANTS
WHAT IS PRICE?
Price represents the value of a good or service. It is a component of an exchange or transaction that takes place between two parties and refers to what must be given up by one party (i.e., buyer) in order to obtain something offered by another party (i.e., seller). In order words, a price is the amount of money that a buyer gives to a seller in exchange for a good or a service. When someone hands over N200.00 and receives a liter of oil, the price is straightforward observation: N200.00 per liter. [Read more…]