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Price is a payable amount that one has to pay for getting his or her desired product or service. And people can get their desired goods and service in a market. So literally, for purchasing anything a person needs to go a market and has to pay its price. The price in which a good or service is sold that is termed as the market price of that.Hence, it is needless to say that both are very significant
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In a nutshell
Every good has its own price, and it varies on goods and market. Proper pricing is an important job.The factors that determine the pricing of a product are –
- Total cost
The manufacturers always want to make profit by selling their product. So they try to fix the price rate of a product more than its total cost price. Total cost price means summation of material cost, labor cost, another processing cost, advertising cost and distribution cost.
- Demand of that product in the market
The charge of a product depends on the demand that existing in the market. When consumers prefer a thing of a specific brand than any other company, then that thing is sold like a hot cake in the market. Hence, a scarcity is created. Customers then are ready to pay even more than the contemporary price, to get that good. Thus the charge of that thing can be increased.
On the other hand, if customers do not prefer any specific thing or any specific brand then demand of that brand is decreased in market. In this case, producers have to reduce the rate of that thing to provide unavoidable attraction for customers. Thus the rate of that product is reduced.
- Total supply in market
If supply of a product is not equal to its demand then again a scarcity is created in that market hence, price-rate is increased. However, excess supply increases the availability of a good,and it can decrease the rate of that good in the market.
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- On brand name
Often people trust on a brand name and ready to get any product of that brand at any price. So a brand name can be one of the most significant factors to determine the price of a product in a market.
Price in different market
Price of a product often depends on types of market. Markets are classified on the number of suppliers exists in the market. On the basis of that number, markets are divided distinctly into several categories. To learn more about this, you must approach our prices and markets homework help team on myhomeworkhelp.com.
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