What is meant by price?

What is meant by price?

Price is what customers pay for what they get. It is the amount of money that customers pay for the product. It is the value of what is exchanged. In other words, price is the amount of money and/or other items with utility needed to acquire a product.

Price is an important part of the marketing mix. It is the major determinant of customer choice. It is the only marketing mix element that produces revenue. It determines profit or losses. Price is usually expressed in terms of money. It can also be a combination of money and other items of value.