What does "price" refer to in a retail context?

In a retail context, "price" specifically refers to the amount set by a business to be received for goods and services sold. This value is determined based on various factors including cost of goods, competition, and market demand. It is the amount that a customer pays at the point of sale and represents the business's pricing strategy.

Understanding the concept of price is fundamental for effective pricing strategies within community pharmacy management, as it directly impacts revenue, profit margins, and customer perceptions of value. Setting the right price is crucial for attracting customers while also ensuring that the business remains profitable. In contrast, the average cost of similar products, discounts offered to customers, and total sales revenue are related concepts but do not define price itself.