CUSTOM PRICE Meaning and
Definition
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Custom price refers to the specific, individualized cost of a product or service that is tailored to the unique needs or requirements of a customer. It is a pricing strategy that takes into consideration factors such as the customer's preferences, specifications, and additional services requested, which may deviate from the standard or base price.
Unlike fixed or set prices, custom pricing is flexible and variable, adjusting according to the specific features or modifications desired by the customer. This approach allows businesses to accommodate diverse customer demands and deliver personalized solutions.
Custom pricing often involves a thorough analysis and evaluation of the customer's requirements, as well as the associated costs and resources required to fulfill them. It may involve negotiating with the customer to determine a fair and mutually agreed-upon price that aligns with both parties' expectations.
This pricing strategy is commonly employed in industries where products or services are highly customizable, such as manufacturing, software development, or construction. It enables businesses to offer tailored solutions while reflecting the additional value or complexity involved in fulfilling each customer's specific needs.
Custom pricing enables businesses to differentiate themselves and stand out in highly competitive markets. By offering personalized pricing, companies can enhance customer satisfaction, strengthen customer loyalty, and build long-term relationships by demonstrating their commitment to meeting individual requirements.
Common Misspellings for CUSTOM PRICE
- xustom price
- vustom price
- fustom price
- dustom price
- cystom price
- chstom price
- cjstom price
- cistom price
- c8stom price
- c7stom price
- cuatom price
- cuztom price
- cuxtom price
- cudtom price
- cuetom price
- cuwtom price
- cusrom price
- cusfom price
- cusgom price
- cusyom price
Etymology of CUSTOM PRICE
The term "custom price" is a combination of two words: "custom" and "price".
1. Custom: It originates from the Latin word "consuetudo", which means "habit, practice, or usage". It was later adapted into Old French as "custume" and entered Middle English as "custom". "Custom" refers to a practice or habit that is commonly followed or accepted by a particular group or society.
2. Price: This comes from the Old French word "pris", meaning "value, worth, or reward". It can be traced back to the Latin word "pretium", which has the same meaning. "Price" refers to the amount of money or goods exchanged for a product or service.
Combining these two words, "custom price" refers to a price that is specifically tailored or adjusted to meet the requirements or preferences of the buyer, which may vary from the standard or regular price.
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