Definition

Noun: A structured method or set of principles used by an organization or market to determine and establish the monetary value of goods or services.

Usage

The term "pricing system" refers to the organized framework that dictates how prices are calculated and applied. It is a core component of business and economic strategy.

Examples

• The company is overhauling its pricing system to be more competitive.
• A dynamic pricing system allows airlines to adjust ticket costs based on demand.
• Understanding the market's pricing system is crucial for new entrants.

Advanced Usage

• "to implement a new pricing system": To put a new method for setting prices into operation.
  • The retailer implemented a new pricing system that factors in real-time inventory levels.
• "within the existing pricing system": As dictated or allowed by the current method for setting prices.
  • We cannot offer that discount within our existing pricing system.

Variants and Related Words

• Price (n/v): The amount of money expected, required, or given in payment for something / To set a price on.
• System (n): A set of principles or procedures according to which something is done.

Synonyms

• Pricing structure
• Pricing model
• Pricing framework

Related Phrases

• Cost-plus pricing system: A system where the price is set by adding a markup to the cost of the product.
  • Many manufacturers use a cost-plus pricing system.
• Market-based pricing system: A system where prices are primarily determined by supply and demand forces.
  • Commodities are typically sold using a market-based pricing system.

Noun

1. a system for setting prices on goods or services