Average Selling Price (ASP) is a key metric that represents the typical cost at which a particular type of commodity or service is sold. It varies based on factors like product type and the stage in its product life cycle. Higher-value items such as jewelry and technology generally have higher ASPs, whereas more accessible items like books and memory cards tend to have lower ASPs. To calculate ASP, divide the total revenue generated from selling a specific product by the total number of units sold. This calculation provides valuable insights for businesses, aiding in the development of effective marketing strategies and promotional plans. ASP is a dynamic measure and can fluctuate across different distribution channels, within a company’s product line, or across the market, reflecting the diverse nature of product pricing.