How should a company set prices initially for products or services
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Transcript of How should a company set prices initially for products or services
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Developing Pricing strategies and programs : Part 2
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The only element of the marketing mix that produces revenue!
The other elements
produce costs. It is also the
easiest to adjust!
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Internet especially
has had a profound
impact on buyers
and sellers!
Changing pricing environment:
Easy access to credit,
enticing market campaigns,
progressive technology
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Buyers can
Get instant price comparisons from a slew of vendors
Name their price and have it met (Priceline.com)
Get free products (eg: free software products)
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Monitor customer behaviour and tailor offers accordingly
Give certain customers access to special prices
Negotiate prices in online auctions and in person
Sellers can
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Developing appropriate
pricing strategies and
programs is
extremely important!!
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How do consumers process and evaluate
prices?
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