Reference price

Reference price,

Definition of Reference price:

  1. A price set as a benchmark or point of comparison for the variations in price of a product, commodity, etc.

  2. The cost that consumers anticipate paying or consider reasonable to pay for a particular good or service. The marketing department of a business will often attempt to assess the reference price for each of the products or services they are promoting in order to set pricing levels appropriately to achieve their marketing goals.

Meaning of Reference price & Reference price Definition