Fair pricing refers to the practice of setting prices that are just and reasonable for both consumers and producers, ensuring that no party is exploited in the transaction. It balances profitability for businesses with affordability for customers, promoting ethical practices in marketing and fostering trust between brands and their audiences. Fair pricing also considers factors like market conditions, cost of production, and consumer perceptions to maintain equity in the marketplace.
congrats on reading the definition of Fair Pricing. now let's actually learn it.