• Price is the amount that consumers will be willing to pay for a product?
• Marketers must link the price to the product's real and perceived value, while also considering supply costs, seasonal discounts, competitors' prices, and retail markup?
• In some cases, business decision-makers may raise the price of a product to give it the appearance of luxury or exclusivity?
• Or, they may lower the price so more consumers will try it?
• Marketers also need to determine when and if discounting is appropriate?
• A discount can draw in more customers, but it can also give the impression that the product is less desirable than it was?