Business GCSE
Price
What Price means in Business GCSE, as defined for AQA, Pearson Edexcel.
Definitions of Price
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Reference: AQA
The amount a business pays a supplier for each unit of a resource, such as raw materials, components or finished stock.
The amount customers pay, which must reflect value while generating profit, using strategies like penetration pricing.
The element that must reflect the product's value, remain competitive, and ensure a profit.
The amount a customer pays for an item, which a 2 for 1 offer effectively halves per item.
Topics that use Price
- The elements of the marketing mix: price, product, promotion and place (4Ps) (AQA GCSE)
- The role of procurement (AQA GCSE)
- The marketing mix (Pearson Edexcel GCSE)
Related terms
- Just-in-Time (JIT)
- Place
- Profit margin
- Promotion
- Unit cost
- Access to customers
- Adaptation and reaction
- Adaptation to change
Using Price in the exam
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