MANAGEMENT

Detailed explanation-1: -Price is the exchange value of goods or services in terms of money. Price of a product or service is-what the seller feels it worth, in terms of money, to the buyer.

Detailed explanation-2: -Customer value is best defined as how much a product or service is worth to a customer. It’s a measure of all the costs and benefits associated with a product or service. Examples include price, quality, and what the product or service can do for that particular person.

Detailed explanation-3: -Price of goods means the price the price labeled at the time of production, maximum retail price (M.R.P.), the price fixed in the import declaration form or the price fixed at the source by the producer.

Detailed explanation-4: -The definition of “Cost of Purchase” is all expenses for purchasing material and making the material in sellable condition, “Cost of Sale” is the cost of purchase plus administrative expenses and selling expenses, and “Selling Price” is the cost of sale plus profit.

Detailed explanation-5: -Customer-driven pricing is a pricing strategy in which a company sets prices according to customers’ perceived value of its products and services. To be effective, companies should consider how to best segment the market so that prices reflect those segments perceptions of value.