PRICE RANGE Meaning and
Definition
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Price range refers to the range of prices within which a particular product or service is available or falls. It represents the span or spectrum of possible prices for a specific item or group of items offered in a market or a specific business establishment. A price range typically consists of a low and a high point, indicating the minimum and maximum prices that the item can be purchased for. It serves as a guideline for customers to gauge the affordability of a product or service, allowing them to make informed decisions based on their budget and financial capacity.
The concept of price range is particularly useful in shopping experiences, as it assists consumers in narrowing down their choices by highlighting the price limits they are willing to pay. It enables consumers to identify products that fit within their desired price range and suit their budget constraints.
Price ranges can vary greatly depending on the type of product or service being considered and other market factors such as demand, competition, and availability. A price range for a luxury car, for example, would be significantly higher than that of a budget-friendly compact car. Similarly, the price range for a high-end restaurant would be markedly different from that of a fast-food chain. In summary, a price range acts as a parameter that helps individuals navigate various options based on their affordability and plays a vital role in consumer decision-making processes.
Common Misspellings for PRICE RANGE
- orice range
- lrice range
- 0rice range
- peice range
- pdice range
- pfice range
- ptice range
- p5ice range
- p4ice range
- pruce range
- prjce range
- prkce range
- proce range
- pr9ce range
- pr8ce range
- prixe range
- prive range
- prife range
- pride range
- pricw range
Etymology of PRICE RANGE
The word "price" originated from the Latin word "pretium", which means "value" or "worth". The word "range" came from the Old French word "range", meaning "line" or "row".
The term "price range" combines these two words to refer to a scale or spectrum of values or costs. It is generally used to describe the range of prices within which a particular item or service may fall.
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