20140630

price

 
Term of the Day

price

value that will purchase a finite quantityweight, or other measure of a good or service. As the consideration given in exchange for transfer of ownershipprice forms the essential basis of commercial transactions. It may be fixed by a contract, left to be determined by an agreed upon formula at a future date, or discovered or negotiated during the course of dealings between the parties involved. In commerce, price is determined by what (1) a buyer is willing to pay, (2) a seller is willing to accept, and (3) the competition is allowing to be charged. With product, promotion, and place of marketing mix, it is one of the business variables over which organizations can exercise some degree of control. It is a ...
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Usage Example
At the farmer's market, the woman was able to negotiate the price of a table down, so it was agreeable to both her and the seller.
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