PRICE POSITION Meaning and
Definition
-
Price position refers to the market position or standing of a product or service based on its price in relation to its competitors or substitutes. It is a strategic concept that highlights how a product or service is priced compared to others in the market and influences consumer perceptions and purchasing decisions.
The price position of a product can be described in various ways. It may be considered as a premium price position, where the product is priced higher than competitors to convey a sense of higher quality or exclusivity. Alternatively, it may be a mid-range or value price position, where the product is competitively priced to appeal to a broader market segment. Additionally, a product may adopt a discount price position, where it is priced lower than competing products with the aim of attracting price-sensitive consumers.
The price position of a product is influenced by factors such as production costs, competitive landscape, target market, consumer preferences, and desired brand image. Companies strategically analyze and determine the optimal price position based on their specific goals and market conditions. Adjusting the price position can help companies gain a competitive advantage, increase market share, or target new market segments.
Ultimately, the price position of a product plays a crucial role in shaping consumer perceptions and influencing their buying behavior. It is an important consideration for companies when developing their pricing strategies and marketing plans.
Common Misspellings for PRICE POSITION
- orice position
- lrice position
- 0rice position
- peice position
- pdice position
- pfice position
- ptice position
- p5ice position
- p4ice position
- pruce position
- prjce position
- prkce position
- proce position
- pr9ce position
- pr8ce position
- prixe position
- prive position
- prife position
- pride position
- pricw position
Etymology of PRICE POSITION
"Price position" does not have a specific etymology as it is not a commonly used term with a distinct origin. However, the word "price" originates from the Old French word "pris" which means "value, worth" and ultimately derives from the Latin word "pretium" meaning "price, value". The word "position" is derived from the Latin word "positio" meaning "act or process of placing" or "position, situation".
Infographic
Add the infographic to your website:
