Customers outside a shop
Getting the price of a product right will have an impact on sales

Price is one of the elements of the marketing mix. It can have an immediate impact on sales.

For example, January is traditionally a time when shops will have sales, a fact which will encourage customers to shop in search of a bargain.

The price of products is often reported by the news, especially when businesses have to increase their prices or if they indicate they will lower them significantly.

For example, an increase in the global price of oil may lead to a petrol company increasing the price of its fuel.