Got a new product, or entering a new market, and not sure how to set your price? Determining the right price is critical to success in the marketplace.
Topic:
Manage pricing and profitability
Date:
2008
Source:
Scotland Food & Drink
This guide outlines the key areas to consider and the principle pricing strategies which may be adopted. Pricing directly affects both performance and profitability. It is capable of attracting or deterring consumers. It can change competitive strategy and the dynamics of the whole market. It is an extremely powerful and responsive marketing tool. Its power has been particularly evident across the last decade, as customers become increasingly price aware and value demanding. Each price change you make will evoke a market reaction. It is therefore imperative that you thoroughly consider your pricing strategy when launching a new product, entering a new market or developing an established brand.