The term “going price” is just another one used to refer to the usual price of a product or service. This may also be known as a product’s current market price.
Information on the going price of a product or service may come in quite handy, especially in the context of going-rate pricing. This is because this pricing scheme sets the price for a particular item depending on what the going rate is at that particular period in time. This is usually best applied on products which are very similar to each other. For instance, dressed chicken has a going weight per unit of weight. It does not make sense to alter the price to a great extent, especially if there are no exceptional differences in quality. On the other hand, this pricing scheme may not be applicable to certain electronic equipment, especially if there are major differences in technology and features. There can be large differences between the prices of two different mobile phone models, for instance.
The current market price may not always be the same as what is known as the “established market price.” This is because established market prices may already have been results of bargains made between the seller and buyer. The initial pricing information may be provided by the seller, but this can still be altered to a certain extent in the course of negotiations.
In any case, determining the going price of a product is still mainly a function of the relationship between supply and demand.