Pricing Strategy Assignment Help Singapore
Marketing is like a hot cake subject to all management students and pricing Strategy is one of the significant keys to this subject.
If you desire to set the price of a product then you must recognize the difference between reality and expectation. If you have a reliable brand, then your pricing strategy will diverse from a usual product.
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Pricing Strategy: Overview
The determination of the cost at which given goods or services should be sold-out in the market refers to pricing strategy. Different organizations have different pricing strategies.
The amount of a product or a service is known to be one of the most important elements of the marketing mix which is primarily responsible for generating revenues, whereas the other components are responsible for generating costs.
There are numerous pricing strategies like- market-oriented pricing, psychological pricing, pricing penetration, dynamic pricing, etc.
Various Classifications Of Pricing Strategies Given By Our SG Assignment Writers
1 Penetration pricing: The practice of setting a price for goods or services that will make it more costly for the competition to offer them at any given time. This usually occurs when an organization is trying to increase its share of the market and/or secure future profits by preventing others from entering into a similar business venture at a lower cost.
2 Product line pricing: Product line pricing is a way of dividing the product offering into two or more divisions on the basis of price. This division can be based on market share, territory, or other factors. It allows companies to make better decisions about how much to sell each product and which products to produce in order to achieve their desired results.
3 Cost-based pricing strategy: A cost-based pricing strategy is a pricing system in which costs are based on the quantity or value of something sold. The main benefit of using a cost-based pricing system is that it can ensure that prices for goods and services are fair, regardless of production volume.
4 Competition pricing: Price is the only object of competition here. Sellers compete to attract customers by claiming greater values of their products or services, or by offering more special forms of services. Sometimes, sellers are authorized to give rebates to certain groups of people (e.g., on dress pants). In some markets, firms who shop around for lower prices not only cut costs but also maintain a reputation as honest and reliable.
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