Price Point: The Shining Period of Products OR Services For Marketers

Definition of Price Point

Price Point is defined as the price at which demand for a particular product should be relatively high. There are three main reasons regarding the existence of Price Point as per many economists and they are stated as follows:

• Substitution Price Points are a factor during which a product’s price rises above the cost of a close counterpart, and the quantity demanded drops in a sharp manner.
• Customary Price Points are also a factor during which the market develops accustomed to paying a definite amount for a particular kind of product.
• Perceptual Price Points are a factor that is also known by the name of Psychological Pricing or Odd-Number Pricing. Here, a product or a service is priced at a figure that is slightly less than the next round figure for customers to keep purchasing the product.

Textbooks on Price Point

Price Point is a technique or issue that marketers do not want to lose their grip upon. It is preferred for marketers to go through details of some textbooks that are based upon the topic of Price Point as follows:

• Sentiment Indicators - Renko, Price Break, Kagi, Point and Figure: What They Are and How to Use Them to Trade by Abe Cofnas (Published by John Wiley & Sons – Year 2010).
• Creating Wealth with a Small Business by Ralph Blanchard (Published by iUniverse – Year 2011).

Examples of Price Point

Example 1: An example of Price Point application can be that of Real Estate Prices. The prices of Real Estate are always believed to retain its Price Point at all times. The era may be of a recession or economic upswing, but Real Estate Prices do not deteriorate as per their Price Point Value. The strong reason behind their Price Point is their being non-movable assets.

Example 2: Another example of Price Point Application can be in the case of essential food commodities like Milk or vegetables. These are such products that will always remain in demand due to their daily usage in life so their Price Point will always remain maintained.

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