Pricing
ˈpraɪsɪŋ
Definitions
2 meaningsThe process of determining the amount of money that something will be sold for; the setting of a price.
ˈpraɪsɪŋ
The act of determining the cost of something.
The pricing of the product was based on market research.
💡 Simply: Pricing is like figuring out how much you're going to charge for something you sell, like lemonade at a lemonade stand! You have to think about the cost of lemons, sugar, and cups.
👶 For kids: Deciding how much something costs.
More Examples
Effective pricing is crucial for the success of a business.
They implemented a new pricing model to increase revenue.
How It's Used
"The company's pricing strategy involves analyzing competitor costs."
"Dynamic pricing adjusts costs depending on supply and demand."
The amount of money a product or service is offered for sale at.
ˈpraɪsɪŋ
The amount at which something is offered for sale.
The pricing of the concert tickets was surprisingly reasonable.
💡 Simply: Imagine you're looking at a toy in a store. The pricing is the number on the tag that tells you how much it costs to buy the toy.
👶 For kids: The money you need to buy something.
More Examples
Their pricing strategy targeted the budget-conscious consumer.
The pricing was set to be competitive in the market.
How It's Used
"Competitive pricing helps to attract customers."
"The pricing of the items was clearly marked on the shelf."
Idioms & expressions
competitive pricing
The strategy of setting prices to match or be slightly lower than those of competitors to attract customers.
"Our company employs competitive pricing to ensure we remain attractive to our customers."
dynamic pricing
A pricing strategy where prices fluctuate based on real-time market conditions, such as demand and supply.
"Airlines use dynamic pricing to maximize revenue from ticket sales."
cost-plus pricing
A pricing strategy where the price is determined by adding a markup to the cost of production.
"The construction company employed a cost-plus pricing model to account for unexpected expenses."
From the verb 'price', ultimately from Latin 'pretium' (value, worth). The '-ing' suffix indicates an ongoing process or activity.
The concept of 'pricing' has existed since commerce began, but the term gained prominence alongside the development of more sophisticated economic theories and marketing practices in the 20th century.
Memory tip
Think of putting a price tag on something.
Word Origin
"Value, worth"