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Pricing is a process of setting a price for selling goods and services. In setting the price, a business take into account factors such as cost of acquirement, manufacturing, competition, brand, market condition and quality of product. But Pricing is more than just setting a value; it is an important aspect of financial model and marketing mix. You could learn all about pricing at pricing assignment help. There are experts at pricing assignment help who have spent years in the market and have a lot of insights to share.
Objective of Pricing
Pricing is important as it can be the difference between profits and losses. At times, it makes up for a drop in quality. For a price to be efficient, it should be close to the maximum price that customers are ready to pay. You should consider the following before you set objectives of pricing
1. What are the financial goals of the company?
2. What is price that customers will pay?
3. Does the price reflect product’s market position?
4. Is the product pricing consistent with other variables in marketing mix?
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Pricing strategy is an integral part of a marketing plan. The strategies are developed to guide price setters and make sure that pricing is consistent with the message of the company. A few approaches to pricing strategy are given below
1. Economy pricing
2. Product line pricing
3. Value based pricing
4. Customer oriented pricing
5. Geographical pricing
There are more approaches to strategy. A company could opt for a strategy that suits them the most at that time. At pricing assignment help, you would be able to understand various strategies and use that understanding to deal with real market cases.
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