Pricing

Part of speech: noun, verb

Pronunciation: /ˈpɹaɪsɪŋ/

Definitions

1. The process of deciding how much to charge for products or services based on various factors
2. Setting a monetary value for items or services to establish the amount customers must pay
3. The action of assigning prices to goods or services considering cost, demand, and competition

Etymology: "Pricing" is the present participle and gerund of "price," so its history is really the history of the noun it grows from. "Price" came into Middle English from Old French "pris" or "preis," which carried the sense of value, worth, and excellence, and that in turn descends from Latin "pretium," meaning worth, money spent, wages, or reward. The Latin word is the root of a family of English terms, including "praise," "precious," "appraise," "appreciate," and "depreciate," all of which keep the idea of assessing worth. The notable twist is that "price" once meant value in a much broader sense than money alone. Its earlier senses included excellence and merit, so a thing's price was what it was judged to be worth, whether in coins, esteem, or quality. The commercial sense of a set amount a buyer pays is one narrowing of that wider idea of worth, and "pricing" carries the act of fixing that amount into the verb.

Synonyms: costing, valuing