Definition: Pricing is the process/procedure firms are following for setting the price. This procedure can be used when a firm develops a new product/service, when introducing an existing product into a new distribution channel or geographical area, and when bidding on a new contract.

Of course a firm may also adapt an existing price. This is formally not considered as price setting, but called "Price Adaptation".


More on pricing: By-Product Pricing, Cost-based Pricing, Decoy Effect, Demarketing, Dynamic Pricing, more...


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