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  • why pricing strategy is imprortant

    The size of a company and its competitors are two factors that work in tandem when selecting a business pricing strategy. Small companies may struggle to price goods competitively against larger competitors who have an economy of scale in their favor. Small business owners typically focus on niche markets or unmet consumer needs in order to charge a price where they can make a profit, even if the price is higher than the market average. Larger companies can often dictate the price they are willing to accept due to their market dominance. However, these companies must undercut competitors to retain market share, if necessary.
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  • #2
    Re: why pricing strategy is imprortant

    Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. It costs to produce and design a product, it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. Pricing a product too high or too low could mean a loss of sales for the organisation. Pricing should take into account the following factors:
    Fixed and variable costs.
    Competition
    Company objectives
    Proposed positioning strategies.
    Target group and willingness to pay.
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    • #3
      Re: why pricing strategy is imprortant

      Today one of the four main elements of the marketing mix is price. Pricing is an important strategic issue because it relates to product strategy positioning.Pricing building an effective pricing strategy for your products and services.Pricing strategy is key to successful sales.Pricing is so important theme in your small business.Pricing Intelligent pricing is a the most important elements.
      Last edited by arnoldatwater; 11-26-2010, 12:26 PM.

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      • #4
        Re: why pricing strategy is imprortant

        Price is the process of deciding what company to receive in exchange for its products. Because the price is the cost of manufacturing, market, competition, market conditions, and quality of product.Why pricing strategy is very important to your business? Because price is often the single most important reason in making delivery of your customers.

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        • #5
          Re: why pricing strategy is imprortant

          Big companies may increase their price because of their brand and people will still go to them however, if you really have a good quality and competitive product same as theirs, if you price it right the first time, it wont be long before you get to the position to be competitive with the bigger companies.
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          • #6
            Re: why pricing strategy is imprortant

            As long as you “know” there was a price increase that was sustained from beginning to end of the supply chain (and throughout the year without any rebates or other backdoor discounts) then sure I guess that is “pretty good evidence that the price increase did what they hoped it would.” I didn’t see the supporting data.
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            • #7
              Re: why pricing strategy is imprortant

              Thank you for the great advice...it seems my first two steps must be to at the very minimum raise this price to something competitive with a solid ...
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              • #8
                Re: why pricing strategy is imprortant

                One question I always have about pricing is do the customers or company play a bigger role in the determination of price. It seems like companies should always be trying to move there prices to the highest point the customers are willing to stand before they discontinue supporting the business or begin to look for alternative options. I think the businesses that succeed best at pricing products and services are the ones that are tuned into market demands and customer thresh holds the best. Pricing variables change heavily by industry also so the discussion would have to be more focused if we really wanted to look at specific pricing strategies and dynamics.

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                • #9
                  Re: why pricing strategy is imprortant

                  Pricing is an important strategic issue because it relates to product strategy !
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                  • #10
                    Re: why pricing strategy is imprortant

                    Every strategy of the company have its own importance because the strategy shows the level of profit and hierarchy of the company and it also reflect the future plan of the organization . pricing strategy is directly related with product strategy.
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                    • #11
                      Re: why pricing strategy is imprortant

                      I think it’s essential to follow the current emerging trends to implement profitable and value oriented pricing strategy in web-hosting business too, which should be significant and obvious to the small and medium-sized company to survive.
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                      • #12
                        Re: why pricing strategy is imprortant

                        Today's marketing mix is one of the four main price. Price is an important strategic issue, as it relates to product strategy positioning. Pricing to establish an effective pricing strategy for your products and services. Pricing strategy is the key to the success of sales. Pricing is a very important theme in your small business. Pricing smart pricing is the most important factor.
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                        • #13
                          Re: why pricing strategy is imprortant

                          sell everything at the market price. Do not raise price or lower price no matter what,because you are a price taker.

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                          • #14
                            Re: why pricing strategy is imprortant

                            pricing or quality of product two important aspect of business.price should be low and high quality of product help to grow the business or customer satisfaction.
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                            • #15
                              Re: why pricing strategy is imprortant

                              Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. It costs to produce and design a product, it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. Pricing a product too high or too low could mean a loss of sales for the organisation.
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