A power strip is a block on the end of a power cable with a number of sockets (usually 3 or more), often arranged in a line. This term is also used to refer to the whole unit of a short extension cord terminating in a power strip.
Why Is It Important? Pricing is a key determinant in the decision making process customers use to purchase a product or service. It is important to establish how much your target market will pay for your product or service. Shows you how sensitive your customers are to changes in price.
1 PRICE is important as a signal and as an incentive in terms of resource allocation in a correctly-functioning market economy. 2  A market is a meeting of buyers and sellers who do not have to physically meet. 3  Markets cannot exist unless both buyer and sellers are involved.