Marketing is like a hot topic for all management students and pricing strategy is one of the important keys to this topic. If you want to set the price of a product, you should know the difference between reality and expectations. If you have a reliable brand, then your pricing strategy will be different from that of a normal product. So when students are asked to do a task about pricing strategy, they are baffled, as they have no idea about it. In this case, the only expert can guide you with the appropriate information.
Some Important Notes On Pricing Strategy Assignment Help
Strategy always depends on various matters. Fast, you have to make a clear idea about the basics of the marketing procedure.
Penetration Pricing
Competition pricing
Base value price
Branding value
What do you mean by Pricing Strategy?
Pricing strategies are basically a variety of pricing strategies that are used when selling a product or service. The price is set after setting certain measures and after calculating whether the profit maxi
misation is sufficient or not. Competition is taken into consideration in establishing the pricing strategy. It can be used to defend an existing market when new entrants enter the market and establish competition. Price is also an important component of the marketing mix and is a high-demand component. Establishing a modest but competent pricing scheme helps set standards for customers for their products or services. Today, with the advent of Internet media, customers can also start price comparisons online. Consumers are selective in purchases they make because of their knowledge of monetary value and access to new means. Companies must make a pricing strategy adjustable to make customers feel more attentive to their products or services.
What are the various strategies of pricing?
Decoy price: The decoy price is a type of pricing technique when the seller offers three or more different products, where two of those three have a similar or equal price. Duo products with the same price tend to have a more expensive price than the third product. Sales are high with this technique, as it would give customers the option of a similar price.
3. Freemium: It is another pricing strategy technique in which the company offers any product or service while charging a good premium for the main product. The word "freemium" is a combination of two words, "free" and "premium".
4. High-low price: using this technique, the company offers a generally higher price than its competitors, but offers lower prices on key items. The nature of competitors' prices is studied before applying this pricing strategy. The lowest price is often offered to attract customers to the organization and then offer both the low-priced promotional product and the highest priced core products.
5. Loss Leader: A loss leader is a type of pricing technique in which the company offers the product at a relatively lower price than its competitors. It results in a low profit margin, but helps to gain a good and considerable market share among customers. It is commonly used among retailers to purchase the product when prices adjust upwards after leading loss pricing.
7. Odd prices: this is the most common pricing technique used by sellers. It is done by choosing an odd digit for the price just below the original price, which gives customers a low price feeling when the price is really high. It does not result in negotiation for clients. For example: a piece of cloth is charged at $9.99 instead of charging $10.
8. Value-based price: This is a type of price at which the price of the product is based on its actual value as for the customer and the cost of production or any other factor is not taken into account. This gives customers a high sense of priority, so sales increase.
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