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WordNet-Online
Definitions from WordNet
Noun pricing system has 1 sense | ||||
Definitions from the WebPricing SystemA pricing system refers to the method or approach used to determine the cost or value of goods, services, or commodities. Senses and Usages:1. Business Sense:In the context of business, a pricing system is a strategic framework employed by companies to set prices for their products or services. It considers various factors such as production costs, competitor prices, market demand, and consumer behavior to determine the optimal price point. Sample Sentence: The company uses a dynamic pricing system that adjusts product prices in real-time based on market conditions and customer demand. 2. Economic Sense:In economics, a pricing system refers to the mechanism by which prices are determined in a market economy. It involves the interaction of supply and demand forces, influencing the equilibrium price and quantity of goods and services exchanged in the market. Sample Sentence: The free market pricing system allows for the efficient allocation of resources based on supply and demand. 3. E-commerce Sense:In the realm of e-commerce, a pricing system refers to the software or platform used by online retailers to manage and set prices for their products. It may include dynamic pricing algorithms, competitor price monitoring, and pricing optimization tools. Sample Sentence: The e-commerce pricing system helped the online store stay competitive by automatically adjusting prices to match or beat those of its competitors. 4. Local Sense:In a local context, a pricing system may refer to a set of pricing practices unique to a particular region, city, or locality. It takes into account local factors such as cost of living, purchasing power, and competitive landscape. Sample Sentence: The local pricing system in this neighborhood is known for its affordability, making it appealing to budget-conscious consumers. Related Products:Explore related products on Amazon: | ||||
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