What term is used to describe the amount customers are charged for a product or service?

The term used to describe the amount customers are charged for a product or service is "price." In marketing, price is a fundamental element of the marketing mix, which consists of product, price, promotion, and place. Price directly influences a company’s revenue and profitability, representing the monetary value assigned to a good or service. It plays a crucial role in positioning a product in the market, shaping customer perceptions, and ultimately driving purchasing decisions.

While "product" refers to the goods or services offered to meet customer needs, "promotion" involves the activities that communicate the value of the product to the target audience. "Place" pertains to the distribution channels used to get the product to consumers. Each of these components of the marketing mix is essential, but it is price that specifically denotes the charge to customers. Thus, price is central to understanding how consumers perceive value and how businesses strategize to attract and retain customers.