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.
Understanding the significance of a retail price and its relationship to wholesale and marketing is important for businesses and consumers. Another term substituted for retail price is sticker price.. Retailers typically convey a retail price to consumers with on-package stickers or shelf labels. In some cases, a product also shows a manufacturer suggested retail price.