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PRICING STRATEGY Name University Course Instructor Date Introduction Pricing strategy is a crucial aspect in the general plan of a business because accurate pricing of products and services is the main factor in establishing a successful business. Pricing is a crucial strategic concern as it influences positioning of products.
For instance, market strategy development, which entails market analysis, segmentation, positioning and targeting. Two, making market mix choices entails brand definition, distribution of the brands and brand promotion tactics. Three, demand carve estimation, which entails understanding how quantity required differs from the price. Four, pricing strategy can be determined by calculating the cost, which entails including the variable and fixed costs related with the goods, (Takano, Ishii & Muraki, 2041). The goods cost of a unit is set at a reduced coat that a company might charge and this indicates the margin profit at increased costs. Five, setting objectives of pricing such as maximization of profit, maximization of revenue or stabilization of prices is another way. These pricing strategy steps are interconnected and serve as starting point in pricing strategy creation. Product pricing should consider the legal and competitive condition that the business operates. ...
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