Planning in Business 2 (Success in Business Series)
Planning in Business 2 (Success in Business Series)
For those of us in business, beyond creating and marketing a unique product, pricing will play an important role in customer perception.
Let’s take a quick look at the following pricing strategies
-Value-based pricing
Value-based pricing is a strategy for pricing goods and services based on their perceived value.
– Competitive pricing
Here, you set your price after considering the prices of comparable products.
Competitive pricing sends a message about whether your product is of a better value or of high quality. It tells the customer why they should patronize you instead of others in the same line of business.
-Economy pricing
This involves setting pricing low to attract a budget-conscious customer. But whatever you do, do not under-price as it can affect your ROI (Return on investment) and quality in the long run.
-Dynamic pricing
Here pricing is set based on market demand.
This works best when it is used by all players in the industry.
Don’t brand your business on cutting prices or quality. It is not a sustainable business strategy. Quality keeps speaking long after the price is forgotten.
CYMI Business Mentorship @Esther Edidiong
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