Factors influencing price of products and services

Question

27 Nov 2020

Answer :

Word Count : 474

Main factors affecting price determination of product are: 1. Product Cost 2. The Utility and Demand 3. Extent of Competition in the Market 4. Government and Legal Regulations

1. Product Cost:

The most important factor affecting the price of a product is its cost.

Product cost refers to the total of fixed costs, variable costs and semi variable costs incurred during the production, distribution and selling of the product. Fixed costs are those costs which remain fixed at all the levels of production or sales.

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