Price is one of the four Ps of marketing. It is of special significance because it is the only marketing mix element that generates revenue without which it is futile to talk of business and marketing. While price is revenue to the marketer, it is cost to the consumer.
As consumers, we come across price in various forms as we make transactions in everyday life. We pay bill for utilities such as electric power and telephone. We pay rent to our landlords and commission to agents. We pay school fees and transport fare. We pay premium for life or motor insurance. We pay tax for government services and so on.