Answer:
price.
Explanation:
Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services. Thus, it refers to the amount of money a customer or consumer buying goods and services are willing to pay for the goods and services being offered. Also, the price of goods and services are primarily being set by the seller or service provider.
Generally, the price paid by consumers for products and services are referred to as by many names such as tuition for your education (school fee), rent for an apartment (house rent), interest on a bank credit card, and a premium for car insurance.
In sales and marketing, pricing of products is considered to be an essential element of a business firm's marketing mix because place, promotion and product largely depends on it.
Additionally, one of the importance associated with the pricing of products is that, it improves the image of a business firm.
