What do you mean by Pricing?

What is Pricing?

Price is what is charged for something. Price the best policy for exchange. Price of a product is "its" value expressed in terms of money which the consumers are expected to pay. Form the seller's point of view, it is return on the exchange & in economic terms, it is the value of satisfaction.

According to Philip Kotler and Gary Armstrong, "Price is the amount of money charged for a product or service."
According to Steven J. Skinner, "Price is the 'something of value' that a buyer gives up in an exchange." 

From the above discussions we can find the following characteristics of marketing:

1. Price is a way of exchanging products or service.
2. Price is paid money for exchanging products or service.
3. Price is an amount charged for products or service.
4. Price is the value of products or service.
4. It is the value of satisfaction.

At last we can say that price is the money or other considerations exchanged for the ownership or use of a goods or service.