The five main factors that affect the price are:-
Cost of production, the utility and demand, the extent of competition in the market, government and legal regulations and pricing objectives. These are the particulars of pricing methods justified in the business world.
Pricing is the act of establishing a value for a product or service. In other words, pricing occurs when a business decides how much a customer must pay for a product or service. The cost of production is the main component of price. No company can sell its product or services at less than the cost of production. An intensive study of the demand for products and services in the market be undertaken before the price fixation.
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