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 retail, setting the right 'price point' is crucial for attracting customers. A retail manager might say, 'We've set competitive price points for our products to attract both budget and premium shoppers.'

Practice Scenarios

Marketing

Scenario:

Let's highlight the affordability of our product without compromising its perceived value.

Response:

We're on the same page. Marketing our product as high quality at a great price point should work perfectly.

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.