A
value that will
purchase a finite
quantity,
weight, or other
measure of a good or
service. As the
consideration given in
exchange for
transfer of
ownership,
price forms the essential basis of
commercial transactions. It may be fixed by a
contract, left to be determined by an agreed upon
formula at a future date, or discovered or negotiated during the
course of dealings between the
parties involved. In
commerce, price is determined by what (1) a
buyer is willing to
pay, (2) a
seller is willing to accept, and (3) the
competition is allowing to be charged. With product, promotion, and place of
marketing mix, it is one of the
business variables over which
organizations can
exercise some
degree of
control. It is a ...
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