Importance Of Pricing In Today's Fast Changing Environment.

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The Price
Price is the pecuniary worth of a product, service, or resource recognized in a transaction. The seller is the conventional setter of the price. However, this is mainly influenced by the raw materials’ prices to produce the final good. The seller or producer can monopolize the prices by manipulating the market itself (Bouchaud, 2010). On the other hand, consumers also possess the power to manipulate prices. This is called monopsony power CITATION Econd \l 13321 (Economics Online, n.d.).
Price does not always pertain to money. Sometimes, it can be something that is given in exchange for a product or service. This happens during bartering, where something else is asked to pay for the goods or services. For instance, consumer 1 offers to tutor consumer 2 English and Language in exchange for repair services CITATION Lumnd3 \l 13321 (Lumen Learning, n.d.)
The Importance of Pricing
Pricing affects the future of the goods and the adequacy or appropriateness of the pro...