Pricing Your Product or Service

Topics:
Competitive Pricing,
Pricing Strategy
Tags:
Lloyds TSB,
Marketing,
Marketing Research,
Person,
Pricing,
Pricing Strategy
Source:
Lloyds TSB

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Overview: Pricing is both a marketing and a financial function. If a person gets it right, customers will feel they have value for money, while the person produces enough profits to build his or her long-term success in business. If the person gets it wrong, the person will have lower sales, higher marketing costs and lower overall profits. Pricing is also a function of perception - people will sometimes buy an expensive car because they want to be seen to be driving an expensive car, and not buy cheap clothes because cheap implies low quality. Neither perception may be accurate but the pricing has had the reverse effect of conventional wisdom.

(Is this item miscategorized? Does it need more tags? Let us know.)

Format: PDF | Size: 82KB | Date: May 2003 | Pages: 6

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