Price is the sum or amount of money at which a thing is valued, or the value which a seller sets on his goods in the market; that for which something is bought or sold, or offered for sale; equivalent in money or other means of exchange; current value or rate paid or demanded in the market or in barter; cost. Pricing is the method adopted by a firm to set its selling price.   PRICING STRATEGIES One of the four major elements of the marketing mix is price. Pricing is an important strategic issue because it is related to product positioning. Furthermore, pricing affects other marketing mix elements such…