What you’ll learn to do: explain the primary factors to consider in pricing
Now that we’ve considered the customer perspective, we need to understand how pricing fits into the company strategy. It’s important to remember that all elements of the marketing mix, including pricing, fit into a larger customer mission and strategy.
An effective pricing strategy will align with the corporate mission, account for competitive factors, and support corporate strategies and objectives.
The specific things you’ll learn in this section include:
- Explain company objectives in the pricing strategy
- Define break-even pricing
- Describe how competition affects pricing strategies
- Describe the benefit of value-based pricing for customers
- Reading: Pricing Objectives
- Reading: Break-Even Pricing
- Reading: Competitor Impact on Pricing
- Reading: Benefits of Value-Based Pricing
- Self Check: Pricing Considerations