A "Price Point" refers to a specific price at which a product or service is offered for sale. It helps businesses determine how to position their offerings in the market, influencing consumer perception and demand. Price points can vary widely based on factors like quality, brand reputation, and target audience. Setting the right price point is crucial for maximizing sales and profitability. Companies often analyze competitors and market trends to establish competitive price points. For example, luxury brands may set higher price points to convey exclusivity, while discount retailers aim for lower price points to attract budget-conscious shoppers.