pricing
Definition
Noun: The act or process of setting or determining the price at which a product, service, or asset will be sold.
Usage
"Pricing" refers to the strategic business activity of establishing a monetary value for goods or services. It involves analysis of costs, market conditions, competition, and perceived value.
Examples
- The company is reviewing its pricing strategy for the new software subscription.
- Competitive pricing is essential for success in the retail market.
- The pricing of the new model was based on extensive market research.
Advanced Usage
- Dynamic pricing: A strategy where prices are adjusted in real-time based on current market demands.
- Airlines and ride-sharing services often use dynamic pricing.
- Price discrimination: The practice of selling the same product to different buyers at different prices.
- Student discounts are a common form of price discrimination.
Variants and Related Words
- Price (n/v): The amount of money expected or given for something / to set a price on something.
- The price of the ticket is $50. / They need to price the items competitively.
- Reprice (v): To set a new price for something.
- The store had to reprice all the inventory after the sale.
Synonyms
- Costing
- Valuation (in a commercial context)
Related Phrases
- Pricing model: The framework or methodology used to set prices (e.g., cost-plus pricing, value-based pricing).
- They adopted a subscription-based pricing model.
- Pricing power: The ability of a company to raise prices without losing customers.
- Brands with strong loyalty have significant pricing power.
Noun
-
the evaluation of something in terms of its price
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