Pricing objectives
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The AI Brainstorming Conference topic for this week is pricing strategy (another element in the Marketing Mix). How do you set a price for your product or service?
Based on the strategies of the other three marketing mix elements, explain what pricing objectives you would consider.
Identify the pricing objective you ultimately will choose and explain why.
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Solution Summary
In this industry, value based pricing can also be an effective method to set up the prices in the latter stages.
Solution Preview
How do you set a price of your product or service?
Please visit the following link to get more insight into this question. In my opinion, it is an excellent source:
http://www.netmba.com/marketing/pricing/
Part 2.
Before explaining on the pricing strategy for company's services, I would like to throw light on few factors. First of all, the market for the company's product and services is vast, considering the size of ethnic population in USA, but is definately not unlimited. Secondly, customer retention is a big issues in this business because if the service is sold once to the client, the transaction has the potential to give recurring business to the company. Thirdly, although there is a huge competition in financial services industry, but the customized service for the niche market provided by the company is unique and has the potential to command premium pricing.
Considering all these factors, the current pricing objective of the company should be to ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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