By Martin Luenendonk on cleverism.com
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Pricing is an important element of the marketing mix and plays a key role in determining a product's perceived value. It is important for a company to research and analyze external and internal factors that affect pricing decisions. There are several objectives that a company can have from its pricing strategy, such as profit maximization and survival. There are also a number of pricing strategies that a company can use to sell its product, such as premium pricing, cost based pricing, and penetration pricing. Companies should also consider factors such as competition, target market behavior, industry trends, and legal constraints when setting prices. It is also important to remember ethical considerations, such as price fixing and opportunistic pricing.