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LEARNING HOW TO PRICE YOUR PRODUCTS

April 7, 2014 1:16 pm Published by Leave your thoughts

These are the four basic strategies, variations of which are used in the industry. Apart from the four basic pricing strategies — premium, skimming, economy or value and penetration — there can be several other variations on these. A product is the item offered for sale. A product can be a service or an item

There are four main aspects of financial modeling, and pricing is just one of them. The others are product, promotion, and place. Pricing is a very important aspect of marketing. Wholesale businesses also need to select the pricing strategies that will enable them to grow and expand in the long-term

Markup pricing or cost-plus pricing is a pricing strategy where the price of a product or service is calculated by adding together the cost of the products and a percentage of it as a markup. The percentage or markup is decided by the company usually fixed at the required rate of return.

Here are ten different pricing strategies that you should consider as a small business owner.

  • Pricing for market penetration.
  • Economy pricing. 
  • Pricing at a premium. 
  • Price skimming. 
  • Psychological pricing. 
  • Bundle pricing. 
  • Geographical pricing. 
  • Promotional pricing.

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