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Pricing Strategy Consulting Business - Essay Example
Author : freemancrona
Pages 7 (1757 words)
Pricing Strategy Consulting Business Table of Contents The Scenario 3 Pricing Policy 4 Analyzing the best price setting process used to establish sustainable and profitable prices 5 Key pricing considerations and strategies 6 Challenges of effectively implementing a new or updated pricing strategy 8 Differentiating between incremental and avoidable costs 8 The Scenario Pricing has always been an important part when deciding upon the product or in launching of a new product…
Out of the three options, the most profitable and widely accepted one is number three. Most organizations falsely believe that they are competent at pricing, whereas the case is totally different (Daly, 2002, p. 1). Thus, it is necessary to price the product at a right price in order to attract the target market and gain profits. This paper aims to discuss the pricing strategy adopted in the launch of a new product. The scenario describes a company launching a new product. The organization has sought the help of a consultant in deciding upon the price. The client deals with luxury goods and has decided to launch perfume targeting the high-end segment of the society. The perfume introduced will be segmented both for men and women. Therefore, it is necessary to decide upon the price so as to attract the consumers and make the product profitable and well accepted by the target market. The client has asked the help of the consultancy in deciding upon the pricing of the product. The business deals in luxury goods; as a result, they cannot charge a comparatively low price as compared to its other luxury goods. ...