price-point

Vocabulary Word

Definition

The term 'price-point' refers to the specific price at which a product is determined to be sold in the market. It's not just any price, it's the one chosen after considering many factors.

Examples in Different Contexts

In the arts market, 'price points' for artworks can depend on the artist's reputation and the piece's uniqueness. An art dealer might state, 'We offer diverse price points to accommodate both new collectors and seasoned art investors.'

Practice Scenarios

Product

Scenario:

I believe we need to reposition ourselves in our market to achieve a competitive advantage.

Response:

Indeed, adjusting our price point can create a new competitive position for us in the marketplace.

Business

Scenario:

We need to think about the kind of target audience we're aiming for. The price of our products will play a significant part in this.

Response:

I agree. We should choose a price point that will attract our target demographic and maximize profits.